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FINANCIAL STATEMENT COMPONENTS | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [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: COMPONENTS OF INVENTORY
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Raw materials |  | $ | 1,562 |  |  | $ | 1,556 |
Work in process |  |  | 305 |  |  |  | 305 |
Finished goods |  |  | 1,749 |  |  |  | - |
Total inventory |  | $ | 3,616 |  |  | $ | 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: COMPONENTS OF PROPERTY, PLANT AND EQUIPMENT
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Production equipment |  | $ | 6,140 |  |  | $ | 6,140 |
Leasehold improvements |  |  | 3,843 |  |  |  | 3,789 |
Computer hardware and software/lab equipment |  |  | 12,110 |  |  |  | 10,515 |
Office furniture and equipment |  |  | 5,196 |  |  |  | 1,804 |
Property and equipment, gross |  |  | 27,289 |  |  |  | 22,248 |
Less: Accumulated depreciation |  |  | (17,828 | ) |  |  | (15,418 | )
Property and equipment, net |  | $ | 9,461 |  |  | $ | 6,830 |
Depreciation expense was $1.1 million and $153,000 for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense was $2.8 million and $533,000 for the nine months ended September 30, 2023 and 2022, respectively. Intangible assets The components of intangible assets were as follows: SUMMARY OF COMPONENTS OF INTANGIBLE ASSETS
As of September 30, 2023 |  | Gross |  |  |  |  |  | Net |  |  | Weighted |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Average Remaining |
(in thousands) |  | Amount |  |  | Amortization |  |  | Amount |  |  | Period (Years) |
Acquired technology |  | $ | 20,172 |  |  | $ | 2,415 |  |  | $ | 17,757 |  |  |  | 12 |
Backlog |  |  | 26 |  |  |  | 17 |  |  |  | 9 |  |  |  | - |
|  | $ | 20,198 |  |  | $ | 2,432 |  |  | $ | 17,766 |  |  |  |  |
As of December 31, 2022 |  | Gross |  |  |  |  |  | Net |  |  | Weighted |
|  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Average Remaining |
(in thousands) |  | Amount |  |  | Amortization |  |  | Amount |  |  | Period (Years) |
Acquired technology |  | $ | 951 |  |  | $ | 876 |  |  | $ | 75 |  |  |  | 4 |
|  | $ | 951 |  |  | $ | 876 |  |  | $ | 75 |  |  |  |  |
Amortization expense was $573,000 and $10,000 for the three months ended September 30, 2023 and 2022, respectively. Amortization expense was $1.6 million and $30,000 for the nine months ended September 30, 2023 and 2022, respectively. The following table outlines our estimated future amortization expense related to intangible assets held at September 30, 2023 by line item on the statement of operations (in thousands): ESTIMATED FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS
|  |  |  |  | Research and |  |  |  |
|  | Cost of |  |  | Development |  |  |  |
Years Ended December 31, |  | Revenue |  |  | Expense |  |  | Total |
2023 |  | $ | 387 |  |  | $ | 179 |  |  | $ | 566 |
2024 |  |  | 1,548 |  |  |  | 556 |  |  |  | 2,104 |
2025 |  |  | 1,548 |  |  |  | 52 |  |  |  | 1,600 |
2026 |  |  | 1,548 |  |  |  | 24 |  |  |  | 1,572 |
Thereafter |  |  | 11,924 |  |  |  | - |  |  |  | 11,924 |
Total |  | $ | 16,955 |  |  | $ | 811 |  |  | $ | 17,766 |

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