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7. FINANCIAL STATEMENT COMPONENTS | 3 Months Ended
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Mar. 31, 2023
Financial Statement Components [Abstract] |
Financial Statement Components | 7 . FINANCIAL STATEMENT COMPONENTS The following financial statement components changed significantly as a result of our January 2023 acquisition of assets from Ibeo. Inventory Inventory consists of the following:
(in thousands) |  | March 31, 2023 |  |  | December 31, 2022 |
Raw materials |  | $ | 1,627 |  |  | $ | 1,556 |
Work in process |  |  | 305 |  |  |  | — |
Finished goods |  |  | 1,184 |  |  |  | 305 |
|  | $ | 3,116 |  |  | $ | 1,861 |
Inventory is computed using the first-in, first-out (FIFO) method and is stated at the lower of cost and net realizable value. Management periodically assesses the need to account for obsolescence of inventory and adjusts the carrying value of inventory to its net realizable value when required. Property and equipment Property and equipment consists of the following:
(in thousands) |  | March 31, 2023 |  |  | December 31, 2022 |
Production equipment |  | $ | 6,140 |  |  | $ | 6,140 |
Leasehold improvements |  |  | 3,960 |  |  |  | 3,789 |
Computer hardware and software/lab equipment |  |  | 11,481 |  |  |  | 10,515 |
Office furniture and equipment |  |  | 5,370 |  |  |  | 1,804 |
|  |  | 26,951 |  |  |  | 22,248 |
Less: Accumulated depreciation |  |  | (16,667 | ) |  |  | (15,418 | )
|  | $ | 10,284 |  |  | $ | 6,830 |
Depreciation expense was $1.3 million and $229,000 for the three months ended March 31, 2023 and 2022, respectively. Intangible assets The components of intangible assets were as follows:
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Period (Years) |
Acquired technology |  | $ | 19,997 |  |  | $ | 1,120 |  |  | $ | 18,877 |  |  |  | 13 |
Backlog |  |  | 26 |  |  |  | — |  |  |  | 26 |  |  |  | 1 |
|  | $ | 20,023 |  |  | $ | 1,120 |  |  |  | 18,903 |  |  |  |  |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Period (Years) |
Acquired technology |  | $ | 951 |  |  | $ | 876 |  |  | $ | 75 |  |  |  | 4 |
|  | $ | 951 |  |  | $ | 876 |  |  |  | 75 |  |  |  |  |
Amortization expense was $401,000 and $10,000 during the three months ended March 31, 2023 and 2022, respectively. The following table outlines our estimated future amortization expense related to intangible assets held at March 31, 2023 by line item on the statement of operations (in thousands):
Years Ended December 31, |  | Cost of Revenue |  |  | Research and Development Expense |  |  | Total |
2023 |  | $ | 1,301 |  |  | $ | 24 |  |  | $ | 1,325 |
2024 |  |  | 1,541 |  |  |  | 22 |  |  |  | 1,563 |
2025 |  |  | 1,541 |  |  |  | 14 |  |  |  | 1,555 |
2026 |  |  | 1,541 |  |  |  | 7 |  |  |  | 1,548 |
Thereafter |  |  | 8,541 |  |  |  | — |  |  |  | 8,541 |
|  |  | 14,465 |  |  |  | 67 |  |  |  | 14,532 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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