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Details of Certain Financial Statement Components

6 Months Ended

Jun. 30, 2024

Details of Certain Financial Statement Components

Details of Certain Financial Statement Components

Note 2 – Details of Certain Financial Statement Components

Inventories, stated at the lower of cost or net realizable value, consisted of the following:


	June 30,		December 31,
	2024		2023

Inventories	(in thousands)
Raw materials	$	2,030	$	1,986
Work-in-process		217		232
Finished goods		308		258
Total inventories	$	2,555	$	2,476

Property, plant and equipment, net, consisted of the following:


	June 30,		December 31,
	2024		2023

Property, plant and equipment, net	(in thousands)
Furniture, machinery and equipment	$	1,852	$	2,009
Leasehold improvements		404		412
		2,256		2,421
Less: accumulated depreciation		(2,002)		(2,108)
Total property, plant and equipment, net	$	254	$	313

Depreciation expense totaled $37,000 and $46,000 for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense totaled $77,000 and $83,000 for the six months ended June 30, 2024 and 2023, respectively.

Intangible assets, net, consisted of the following:


	Weighted
	Average
	Amortization	June 30,		December 31,
	Period	2024		2023

Intangible assets, net		(in thousands)
Patents, tradenames, and trademarks	5 years	$	932	$	935
Developed technology	3.5 years		539		543
Customer relationships	6 years		1,435		1,449
Non-compete agreements	4 years		921		930
Order backlog	0.5 years		22		22
In-process research and development	Indefinite		29		29
			3,878		3,908
Less: accumulated amortization			(1,627)		(1,254)
Total intangible assets, net		$	2,251	$	2,654

Amortization expense totaled $189,000 and $94,000 for the three months ended June 30, 2024 and 2023, respectively. Amortization expense totaled $378,000 and $106,000 for the six months ended June 30, 2024 and 2023, respectively. Future amortization expense on existing intangible assets is as follows:


Years ending December 31,	(in thousands)
2024 (remainder of year)	$	373
2025		662
2026		540
2027		333
2028		261
Thereafter		82
	$	2,251

The changes in the carrying amount of goodwill for the periods ended June 30, 2024 and 2023 are as follows:


		(in thousands)
Balance as of January 1, 2024	$	2,461
Adjustment to goodwill, foreign currency exchange rate changes		(23)
Balance as of June 30, 2024	$	2,438


		(in thousands)
Balance as of January 1, 2023	$	650
Goodwill acquired in acquisition of Calman (before December 2023 adjustment to allocation)		4,052
Adjustment to goodwill, foreign currency exchange rate changes		(157)
Balance as of June 30, 2023	$	4,545

Accrued liabilities consisted of the following:


	June 30,		December 31,
	2024		2023

Accrued liabilities	(in thousands)
Accrued wages and benefits	$	158	$	204
Accrued vacation		164		185
Other accrued liabilities		107		103
Total accrued liabilities	$	429	$	492