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Details of Certain Financial Statement Components

12 Months Ended

Dec. 31, 2023

Details of Certain Financial Statement Components

Details of Certain Financial Statement Components

Note 2 – Details of Certain Financial Statement Components

The following tables provide details of selected balance sheet items:

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2023			2022
Inventories		(in thousands)
Raw materials		$	1,986		$	1,635
Work-in-process	​	​	232	​	​	192
Finished goods	​	​	258	​	​	285
Total inventories		$	2,476		$	2,112

​

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2023			2022
Property, plant and equipment, net	​	(in thousands)
Furniture, machinery and equipment	​	$	2,009	​	$	1,688
Leasehold improvements	​		412	​		417
​	​		2,421	​		2,105
Less: accumulated depreciation	​		(2,108)	​		(1,921)
Total property, plant and equipment, net	​	$	313	​	$	184

​

Depreciation expense totaled $200,000 and $193,000 in 2023 and 2022, respectively.

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:

​

​	​	​	​
​		(in thousands)
Balance as of January 1, 2022	​	$	—
Goodwill acquired in acquisition of SPEC/KWJ	​		650
Balance as of December 31, 2022	​		650
Adjustment to goodwill, acquisition price allocation of SPEC/KWJ	​		(404)
Goodwill acquired in acquisition of Calman	​		2,064
Adjustment to goodwill, foreign currency exchange rate changes	​		151
Balance as of December 31, 2023	​	$	2,461

​

​	​	​	​	​	​	​	​	​
​	​	Weighted	​	​	​	​	​	​
​	​	Averge	​	​	​	​	​	​
​	​	Amortization	​	December 31,		​	December 31,
​		period		2023			2022
Intangible assets, net	​	​	​	(in thousands)
Patents, tradenames, and trademarks	​	5 Years	​	$	935	​	$	658
Developed technology	​	3.5 Years	​	​	543	​	​	—
Customer relationships	​	6 Years	​	​	1,449	​	​	—
Non-compete agreements	​	4 Years	​	​	930	​	​	—
Order backlog	​	0.5 Years	​	​	22	​	​	—
In-process research and development	​	Indefinite	​	​	29	​	​	—
​	​	​	​	​	3,908	​	​	658
Less: accumulated amortization	​	​	​		(1,254)	​		(582)
Total intangible assets, net	​	​	​	$	2,654	​	$	76

​

Amortization expense totaled $662,000 and $54,000 in 2023 and 2022, respectively. Future amortization on existing intangible assets over the next five years and thereafter is as follows:

​

​	​	​	​
Years ending December 31,		(in thousands)
2024	​	$	751
2025	​		674
2026	​	​	545
2027	​	​	336
2028	​	​	264
Thereafter	​		84
​	​	$	2,654

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2023			2022
Accrued liabilities	​	(in thousands)
Accrued wages and benefits	​	$	204	​	$	320
Accrued vacation	​		185	​		223
Accrued other liabilities	​		103	​		25
Total accrued liabilities	​	$	492	​	$	568

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