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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Components |
4. | Balance Sheet Components
Inventories, net Inventories, net of reserves of $46,000 and $9,000 as of December 31, 2023 and 2022, respectively, consisted of the following components (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Raw materials |  | $ | 919 |  |  | $ | 1,056 |
Work in progress |  |  | 1,997 |  |  |  | 3,667 |
Finished goods |  |  | 1,365 |  |  |  | 1,399 |
Inventories, net |  | $ | 4,281 |  |  | $ | 6,122 |
The provision for inventory and write-downs for the years ended December 31, 2023 and 2022 were immaterial. Accrued expenses and other current liabilities Accrued expenses and other liabilities consist of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Accrued payroll and welfare |  | $ | 5,790 |  |  | $ | 5,038 |
Supplier reimbursement |  |  | 2,247 |  |  |  | 2,474 |
Accrued expenses - general and administrative |  |  | 1,190 |  |  |  | — |
Accrued sales discount |  |  | 903 |  |  |  | 748 |
Accrued professional services |  |  | 837 |  |  |  | — |
Employee reimbursement |  |  | 648 |  |  |  | 646 |
Accrued expenses - research and development |  |  | 161 |  |  |  | 158 |
Accrued expenses - selling expenses |  |  | 44 |  |  |  | 13 |
Deferred government grants |  |  | 40 |  |  |  | 22 |
Other accrued liabilities |  |  | 75 |  |  |  | 165 |
Accrued expenses and other current liabilities |  | $ | 11,935 |  |  | $ | 9,264 |
Deferred government grants Deferred government grants represent funds provided by the government for research and development, construction of new facilities, or improvement of existing production facilities. The amount of deferred government grants as of December 31, 2023 and 2022, is net of the amount recognized as government grant income. During the years ended December 31, 2023 and 2022, the Company received $1.1 million and $0.8 million government grants, respectively. During the years ended December 31, 2023 and 2022, the Company recognized $1.0 million and $0.9 million of government grant income within other income in the consolidated statements of operations and comprehensive (loss) income, respectively. Summarized below are deferred government grants as of December 31, 2023 and 2022 (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Government grants for property and equipment, included in accrued expenses and other current liabilities |  | $ | 40 |  |  | $ | 22 |
Current deferred government grants |  |  | 40 |  |  |  | 22 |
Government grants for property and equipment |  |  | 213 |  |  |  | 118 |
Non-current deferred government grants |  |  | 213 |  |  |  | 118 |
Total deferred government grants |  | $ | 253 |  |  | $ | 140 |
Property and equipment, net Property and equipment, net consisted of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Buildings |  | $ | 12,289 |  |  | $ | 10,837 |
Construction in progress |  |  | 7,875 |  |  |  | 4,851 |
Machinery and electronic devices |  |  | 6,598 |  |  |  | 4,880 |
Furniture and fixtures |  |  | 606 |  |  |  | 631 |
Leasehold improvement |  |  | — |  |  |  | 334 |
Motor vehicles |  |  | 185 |  |  |  | 174 |
Property and equipment, gross |  |  | 27,553 |  |  |  | 21,707 |
Less: Accumulated depreciation |  |  | (4,265 | ) |  |  | (3,998 | )
Property and equipment, net |  | $ | 23,288 |  |  | $ | 17,709 |
Depreciation expense was $1.0 million and $0.9 million for each of the years ended December 31, 2023 and 2022, respectively.

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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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