Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 12

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 use. There were no significant asset retirement obligations for McGlincy. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated.

15

Other AssetsOther assets consisted of the following: 

        September 30,

        December 31,

        2024

        2023

        (In thousands)

        Right of use assets
         
        $
        8,041

        $
        10,672

        Non-current contract assets

        2,957

        5,117

        Non-current prepaid expenses and other assets

        3,062

        1,993

        Total Other assets
         
        $
        14,060

        $
        17,782

       Certain balances included in contract assets for prior periods have been reclassified to conform to the current period presentation.Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following: 

        September 30,

        December 31,

        2024

        2023

        (In thousands)

        Accrued expenses
         
        $
        1,769

        $
        1,948

        Accrued salaries and benefits

        1,668

        2,277

        Lease liability – current portion

        1,888

        2,266

        Total Accrued expenses and other current liabilities
         
        $
        5,325

        $
        6,491

       Other Noncurrent LiabilitiesOther noncurrent liabilities consisted of the following: 

        September 30,

        December 31,

        2024

        2023

        (In thousands)

        Lease liabilities – noncurrent portion
         
        $
        8,887

        $
        10,176

        Other noncurrent liabilities

        1,450

        1,380

        Total other noncurrent liabilities
         
        $
        10,337

        $
        11,556

Note 7. Equipment on Lease, NetThe equipment leased to customers had a cost basis of $4.6 million and accumulated depreciation of $0