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FINANCIAL STATEMENT COMPONENTS | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
FINANCIAL STATEMENT COMPONENTS | 8. FINANCIAL STATEMENT COMPONENTS Restricted Cash During the year ended December 31, 2024, Restricted cash, current decreased largely due to a $3.3 million release of 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 (in thousands): SCHEDULE OF COMPONENTS OF INVENTORY
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | 1,616 |  |  | $ | 1,574 |
Work in process |  |  | - |  |  |  | 305 |
Finished goods |  |  | 678 |  |  |  | 1,995 |
Total inventory |  | $ | 2,294 |  |  | $ | 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. During the year ended December 31, 2024, the Company recorded a $2.0 million reduction to inventory due to obsolescence. Property and Equipment Property and equipment consists of the following (in thousands): SCHEDULE OF COMPONENTS OF PROPERTY, PLANT AND EQUIPMENT
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Production equipment |  | $ | 6,140 |  |  | $ | 6,140 |
Leasehold improvements |  |  | 3,957 |  |  |  | 3,843 |
Computer hardware and software/lab equipment |  |  | 12,211 |  |  |  | 12,149 |
Office furniture and equipment |  |  | 4,973 |  |  |  | 5,367 |
Property and equipment, gross |  |  | 27,281 |  |  |  | 27,499 |
Less: Accumulated depreciation |  |  | (20,220 | ) |  |  | (18,467 | )
Property and equipment, net |  | $ | 7,061 |  |  | $ | 9,032 |
Depreciation expense was $2.1 million, $3.1 million, and $0.7 million for the years ended December 31, 2024, 2023 and 2022 respectively. Intangible Assets The components of intangible assets are as follows: SUMMARY OF COMPONENTS OF INTANGIBLE ASSETS
As of December 31, 2024 |  | Gross |  |  |  |  |  |  |  |  | Net |  |  | Weighted Average Remaining |
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Carrying |  |  | Period |
(in thousands) |  | Amount |  |  | Amortization |  |  | Expense |  |  | Amount |  |  | (Years) |
Acquired technology |  | $ | 20,172 |  |  |  | 5,019 |  |  | $ | 4,181 |  |  | $ | 10,972 |  |  |  | 13 |
Backlog |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 20,172 |  |  | $ | 5,019 |  |  | $ | 4,181 |  |  | $ | 10,972 |  |  |  |  |
As of December 31, 2023 |  | Gross |  |  |  |  |  |  |  |  | Net |  |  | Weighted Average Remaining |
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Carrying |  |  | Period |
(in thousands) |  | Amount |  |  | Amortization |  |  | Expense |  |  | Amount |  |  | (Years) |
Acquired technology |  | $ | 20,172 |  |  | $ | 2,940 |  |  | $ | - |  |  | $ | 17,232 |  |  |  | 12 |
Backlog |  |  | 26 |  |  |  | 23 |  |  |  | - |  |  |  | 3 |  |  |  | - |
|  | $ | 20,198 |  |  | $ | 2,963 |  |  | $ | - |  |  | $ | 17,235 |  |  |  |  |
Amortization expense was $2.1 million, $2.1 million, and $0.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. During the quarter ended June 30, 2024, management identified various factors related to the 2024 restructuring events (see Note 14. Restructuring Charges) that collectively indicated that it is more-likely-than-not that the fair value of the Company’s Reference software intangible asset was less than its carrying amount as of June 30, 2024. As of June 30, 2024, prior to impairment, the fair value was $4.5 million. As a result, the Company performed an impairment assessment for intangibles in accordance with ASC 360, Property, Plant and Equipment. The June 30, 2024 impairment test indicated a decline in the carrying amount of the Reference software intangible asset and a reduction in the asset’s useful life, resulting in a non-cash impairment charge of $3.0 million. As part of the Company’s annual impairment assessment, management identified further factors that indicated the Company’s Reference software intangible asset is more-likely-than-not fully impaired. As of December 31, 2024, prior to impairment, the fair value was $1.2 million. An additional non-cash impairment charge of $1.2 million was recorded, resulting in a combined non-cash impairment charge of $4.2 million that is included in impairment loss on intangible assets on the consolidated statement of operations. As of December 31, 2024, the fair value of Reference software is fully written off. The following table outlines estimated future amortization expense related to intangible assets held as of December 31, 2024 (in thousands): SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE RELATED TO INTANGIBLE ASSETS
|  |  |  |  | Research and |  |  |  |
|  | Cost of |  |  | Development |  |  |  |
Years Ended December 31, |  | Revenue |  |  | Expense |  |  | Total |
2025 |  | $ | 869 |  |  |  | 54 |  |  | $ | 923 |
2026 |  |  | 869 |  |  |  | 27 |  |  |  | 896 |
2027 |  |  | 829 |  |  |  | 1 |  |  |  | 830 |
2028 |  |  | 825 |  |  |  | - |  |  |  | 825 |
2029 |  |  | 825 |  |  |  | - |  |  |  | 825 |
Thereafter |  |  | 6,673 |  |  |  | - |  |  |  | 6,673 |
Total |  | $ | 10,890 |  |  | $ | 82 |  |  | $ | 10,972 |
Accrued Liabilities Accrued liabilities consists of the following (in thousands): SCHEDULE OF ACCRUED LIABILITIES
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Bonuses |  | $ | 571 |  |  | $ | 1,359 |
Payroll and payroll taxes |  |  | 1,127 |  |  |  | 3,704 |
Income taxes payable |  |  | 20 |  |  |  | 2,111 |
Accrued professional fees |  |  | 140 |  |  |  | 236 |
Liabilities to suppliers |  |  | 381 |  |  |  | 885 |
Other |  |  | 303 |  |  |  | 345 |
Total accrued liabilities |  | $ | 2,542 |  |  | $ | 8,640 |
In addition, as of December 31, 2023, the accrued liability for Ibeo business combination on the consolidated balance sheet in the amount of $6.3 million included $3.3 million that was withheld from the Purchase Price and held in escrow for a maximum period of 13 months post-Closing as partial security for potential claims arising out of or in connection with the Asset Purchase Agreement and a $3.0 million holdback. Both were settled during the year ended December 31, 2024.

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