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Other Balance Sheet Information | 3 Months Ended
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Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract] |
Other Balance Sheet Information | NOTE 5. OTHER BALANCE SHEET INFORMATION Inventory consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Finished Goods |  | $ | 30,509 |  |  | $ | 41,206 |
Raw Materials |  |  | 390 |  |  |  | 369 |
Total inventory |  | $ | 30,899 |  |  | $ | 41,575 |
The Company writes-down inventory for any excess or obsolete inventories or when the Company believes the net realizable value of inventories is less than the carrying value. During the three months ended March 31, 2024 and 2023, the Company recorded write-downs of $96 and $66, respectively. Prepaid expenses and other current assets consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Prepaid expenses |  | $ | 8,205 |  |  | $ | 7,144 |
Other current assets |  |  | 5,804 |  |  |  | 2,215 |
Total prepaid expenses and other current assets |  | $ | 14,009 |  |  | $ | 9,359 |
Property and equipment, net consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Computer hardware |  | $ | 2,320 |  |  | $ | 2,242 |
Leasehold improvements |  |  | 716 |  |  |  | 717 |
Warehouse and other equipment |  |  | 767 |  |  |  | 748 |
Furniture and fixtures |  |  | 146 |  |  |  | 146 |
Property and equipment |  |  | 3,949 |  |  |  | 3,853 |
Less: Accumulated depreciation |  |  | (2,635 | ) |  |  | (2,453 | )
Total property and equipment, net |  | $ | 1,314 |  |  | $ | 1,400 |
Depreciation and amortization expense on all property, plant and equipment was $182 and $203 during the three months ended March 31, 2024 and 2023, respectively. Intangible assets, net consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net |  |  | Gross |  |  | Accumulated Amortization |  |  | Net |
Customer relationships |  | $ | 22,990 |  |  | $ | (4,557 | ) |  | $ | 18,433 |  |  | $ | 22,990 |  |  | $ | (4,001 | ) |  | $ | 18,989 |
Developed technology |  |  | 10,600 |  |  |  | (3,279 | ) |  |  | 7,321 |  |  |  | 10,600 |  |  |  | (2,911 | ) |  |  | 7,689 |
Trade name |  |  | 900 |  |  |  | (374 | ) |  |  | 526 |  |  |  | 900 |  |  |  | (329 | ) |  |  | 571 |
Total intangible assets, net |  | $ | 34,490 |  |  | $ | (8,210 | ) |  | $ | 26,280 |  |  | $ | 34,490 |  |  | $ | (7,241 | ) |  | $ | 27,249 |
Amortization expense on all intangible assets was $969 and $969 for the three months ended March 31, 2024 and 2023, respectively. Total future amortization for finite-lived intangible assets is estimated as follows.
|  | Amortization Expense |
2024 - Remaining |  | $ | 2,905 |
2025 |  |  | 3,873 |
2026 |  |  | 3,873 |
2027 |  |  | 3,734 |
2028 |  |  | 3,693 |
Thereafter |  |  | 8,202 |
Total |  | $ | 26,280 |
Other long-term assets consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Capitalized software costs, net |  | $ | 5,852 |  |  | $ | 5,632 |
Investment in non-affiliate |  |  | 2,250 |  |  |  | 2,250 |
Operating lease - ROU asset, net |  |  | 2,175 |  |  |  | 2,550 |
Other long-term assets |  |  | 2,045 |  |  |  | 1,816 |
Total other long-term assets |  | $ | 12,322 |  |  | $ | 12,248 |
Amortization expense on capitalized research and development costs was $350 and $82 for the three months ended March 31, 2024 and 2023, respectively, which is primarily related to capitalized software costs and was recorded in research and development expenses on the Consolidated Statements of Operations and Comprehensive Loss. In December 2023, the Company invested $2,250 in a non-affiliated, privately held entity, under a Simple Agreement for Future Equity ("SAFE") agreement. The non-affiliated entity provides support and consultation for consumers looking to manage and upgrade the technology within their home. The Company’s investment in the SAFE is recorded using the cost method of accounting and included under other long-term assets on the Consolidated Balance Sheets, as it is not readily convertible into cash. If the Company identifies factors that may be indicative of impairment the Company will review the investment for impairment. For the three months ended March 31, 2024 and the year ended December 31, 2023, the Company did not identify any factors indicative of impairment. Accrued expenses and other current liabilities consisted of the following.
|  | As of |
|  | March 31, 2024 |  |  | December 31, 2023 |
Accrued expenses |  | $ | 6,697 |  |  | $ | 6,674 |
Accrued compensation costs |  |  | 4,206 |  |  |  | 10,272 |
Warranty allowance |  |  | 1,570 |  |  |  | 2,215 |
Other |  |  | 8,738 |  |  |  | 5,815 |
Total accrued expenses and other current liabilities |  | $ | 21,211 |  |  | $ | 24,976 |

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