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FINANCIAL STATEMENT COMPONENTS | 3 Months Ended
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Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
FINANCIAL STATEMENT COMPONENTS | 7. FINANCIAL STATEMENT COMPONENTS The following financial statement components have significant balances as of March 31, 2024. Restricted Cash During the quarter ended March 31, 2024, Restricted cash, current decreased by $3.3 million as that amount was released from escrow in connection with the Asset Purchase Agreement with Ibeo. In addition, Restricted cash, net of current portion increased by approximately $1.0 million related to cash that is held as collateral for a Hamburg, Germany lease. Inventory Inventory consists of the following: COMPONENTS OF INVENTORY
|  | March 31, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Raw materials |  | $ | 1,709 |  |  | $ | 1,574 |
Work in process |  |  | - |  |  |  | 305 |
Finished goods |  |  | 2,029 |  |  |  | 1,995 |
Total inventory |  | $ | 3,738 |  |  | $ | 3,874 |
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
|  | March 31, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Production equipment |  | $ | 6,140 |  |  | $ | 6,140 |
Leasehold improvements |  |  | 3,962 |  |  |  | 3,843 |
Computer hardware and software/lab equipment |  |  | 12,200 |  |  |  | 12,149 |
Office furniture and equipment |  |  | 5,235 |  |  |  | 5,367 |
Property and equipment, gross |  |  | 27,537 |  |  |  | 27,499 |
Less: Accumulated depreciation |  |  | (18,988 | ) |  |  | (18,467 | )
Property and equipment, net |  | $ | 8,549 |  |  | $ | 9,032 |
Depreciation expense was $0.6 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. Intangible assets The components of intangible assets were as follows: SUMMARY OF COMPONENTS OF INTANGIBLE ASSETS
|  | Gross |  |  |  |  |  | Net |  |  | Weighted Average |
As of March 31, 2024 |  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Remaining |
(in thousands) |  | Amount |  |  | Amortization |  |  | Amount |  |  | Period (Years) |
Acquired technology |  | $ | 20,172 |  |  | $ | 3,510 |  |  | $ | 16,662 |  |  |  | 11 |
Backlog |  |  | 26 |  |  |  | 26 |  |  |  | - |  |  |  | - |
|  | $ | 20,198 |  |  | $ | 3,536 |  |  | $ | 16,662 |  |  |  |  |
|  | Gross |  |  |  |  |  | Net |  |  | Weighted Average |
As of December 31, 2023 |  | Carrying |  |  | Accumulated |  |  | Carrying |  |  | Remaining |
(in thousands) |  | Amount |  |  | Amortization |  |  | Amount |  |  | Period (Years) |
Acquired technology |  | $ | 20,172 |  |  | $ | 2,940 |  |  | $ | 17,232 |  |  |  | 12 |
Backlog |  |  | 26 |  |  |  | 23 |  |  |  | 3 |  |  |  | - |
|  | $ | 20,198 |  |  | $ | 2,963 |  |  | $ | 17,235 |  |  |  |  |
Amortization expense was $0.6 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively. The following table outlines our estimated future amortization expense related to intangible assets held at March 31, 2024 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 |
2024 (remainder of the year) |  | $ | 1,161 |  |  | $ | 396 |  |  | $ | 1,557 |
2025 |  |  | 1,548 |  |  |  | 53 |  |  |  | 1,601 |
2026 |  |  | 1,548 |  |  |  | 24 |  |  |  | 1,572 |
2027 |  |  | 1,508 |  |  |  | - |  |  |  | 1,508 |
Thereafter |  |  | 10,424 |  |  |  | - |  |  |  | 10,424 |
Total |  | $ | 16,189 |  |  | $ | 473 |  |  | $ | 16,662 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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