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Note 8 - Accrued Expenses

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 8. Accrued Expenses

Accrued expenses consist of the following as of March 31, 2024 and December 31, 2023 (in thousands):

		*March 31,*				*December 31,*
		*2024*				*2023*
Accrued payroll and bonus		$	2,786			$	2,255
Property and franchise taxes accrual			331				251
Severance and other termination benefits			170				436
Accrued other miscellaneous liabilities			527				760
Total accrued expenses		$	3,814			$	3,702

As previously disclosed in our Annual Report, we implemented certain restructuring efforts during 2023 to streamline our tracer diagnostics operations, consolidate facilities in the United States and Mexico, for Repeat Precision, and to eliminate redundancies in the structure of certain U.S. and international operations management and support functions. In addition, in July 2023, an executive officer and NCS agreed that he would leave his position. In connection with these restructuring efforts, we incurred severance and other charges of $1.9 million in 2023. Of this amount, we paid $1.1 million in 2023 and $0.2 million for the three months ended March 31, 2024, with a remaining severance and other termination benefits accrual of $0.2 million as of March 31, 2024. We expect this severance and other termination benefits liability to be fully paid by July 2024.