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BALANCE SHEET INFORMATION | 12 Months Ended
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May 31, 2024
BALANCE SHEET INFORMATION |
BALANCE SHEET INFORMATION | 4. BALANCE SHEET INFORMATION Inventories consisted of the following:
|  | May 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Raw materials and sub-assemblies |  | $ | 22,410 |  |  | $ | 15,953 |
Work in process |  |  | 13,593 |  |  |  | 5,764 |
Finished goods |  |  | 1,467 |  |  |  | 2,191 |
|  | $ | 37,470 |  |  | $ | 23,908 |
Property and equipment, net consisted of the following:
|  | May 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Leasehold improvements |  | $ | 1,588 |  |  | $ | 1,310 |
Machinery and equipment |  |  | 4,528 |  |  |  | 5,445 |
Test equipment |  |  | 1,928 |  |  |  | 2,998 |
Furniture and fixtures |  |  | 175 |  |  |  | 706 |
|  |  | 8,219 |  |  |  | 10,459 |
Less: accumulated depreciation and amortization |  |  | (4,966 | ) |  |  | (7,700 | )
|  | $ | 3,253 |  |  | $ | 2,759 |
Depreciation expense was $0.7 million, $0.5 million, and $0.4 million for fiscal 2024, 2023, and 2022, respectively. Accrued expenses consisted of the following:
|  | May 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Commissions and bonuses |  | $ | 1,290 |  |  | $ | 1,728 |
Payroll related |  |  | 1,202 |  |  |  | 1,491 |
Professional services |  |  | 503 |  |  |  | 520 |
Other |  |  | 371 |  |  |  | 404 |
|  | $ | 3,366 |  |  | $ | 4,143 |
Changes in the Company’s warranty reserve were as follows:
|  | May 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Balance at the beginning of the period |  | $ | 267 |  |  | $ | 410 |
Accruals for warranties issued during the period |  |  | 511 |  |  |  | 420 |
Adjustments to previously existing warranty accruals |  |  | - |  |  |  | 61 |
Consumption of reserves |  |  | (544 | ) |  |  | (624 | )
Balance at the end of the period |  | $ | 234 |  |  | $ | 267 |
The accrued warranty balance is included in accrued expenses on the consolidated balance sheets. Deferred revenue, short-term consisted of the following:
|  | May 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Customer deposits |  | $ | 1,248 |  |  | $ | 2,690 |
Deferred revenue |  |  | 97 |  |  |  | 132 |
|  | $ | 1,345 |  |  | $ | 2,822 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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