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Note 3 - Supplemental Balance Sheet Information | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Supplemental Balance Sheet Disclosures [Text Block] | Note 3 - Supplemental Balance Sheet Information
a. | Cash and Restricted Cash
The Company had cash and restricted cash totaling $10,278 and $5,713 as of December 31, 2023 and 2022, respectively.
|  | December 31, |
|  | 2023 |  |  | 2022 |
Cash |  | $ | 10,196 |  |  | $ | 5,634 |
Restricted cash |  |  | 82 |  |  |  | 79 |
Total |  | $ | 10,278 |  |  | $ | 5,713 |
As of December 31, 2023 and December 31, 2022, restricted cash included $82 and $79, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.
b. | Inventory, Net
Inventories are stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Raw materials |  | $ | 29,098 |  |  | $ | 29,200 |
Work in process |  |  | 3,187 |  |  |  | 2,757 |
Finished products |  |  | 9,930 |  |  |  | 9,235 |
Total |  | $ | 42,215 |  |  | $ | 41,192 |
c. | Property, Plant and Equipment
Major classes of property, plant and equipment consisted of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Land |  | $ | 1,273 |  |  | $ | 1,273 |
Buildings and leasehold improvements |  |  | 15,998 |  |  |  | 15,572 |
Machinery and equipment |  |  | 57,584 |  |  |  | 63,981 |
Furniture and fixtures |  |  | 2,845 |  |  |  | 2,845 |
Computer hardware and software |  |  | 7,868 |  |  |  | 7,744 |
Construction in progress |  |  | 2,033 |  |  |  | 1,245 |
|  |  | 87,601 |  |  |  | 92,660 |
Less: Accumulated depreciation |  |  | (66,484 | ) |  |  | (70,944 | )
Total |  | $ | 21,117 |  |  | $ | 21,716 |
Depreciation expense was $3,022 and $3,177 for the years ended December 31, 2023 and 2022, respectively.
d. | Goodwill and Other Intangible Assets
The Company conducted its annual impairment test for goodwill and other indefinite-lived intangible assets as of October 1, 2023. We identified two (2) goodwill reporting units and five (5) indefinite-lived intangible assets. We performed a quantitative impairment assessment of each goodwill reporting unit and indefinite-lived intangible asset. Based on the results of our quantitative impairment tests, and consideration of qualitative factors as of our test date and December 31, 2023, no impairment was identified. The following table summarizes the goodwill activity by segment for the years ended December 31, 2023 and 2022:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Total |
Balance – January 1, 2023 |  | $ | 25,935 |  |  | $ | 11,493 |  |  | $ | 37,428 |
Effect of foreign currency translation |  |  | 143 |  |  |  | - |  |  |  | 143 |
Balance – December 31, 2023 |  | $ | 26,078 |  |  | $ | 11,493 |  |  | $ | 37,571 |
The composition of intangible assets was:
|  | December 31, 2023 |
|  | Cost |  |  | Accumulated amortization |  |  | Net |
Customer relationships |  | $ | 13,092 |  |  | $ | 6,656 |  |  | $ | 6,436 |
Patents and technology |  |  | 5,606 |  |  |  | 5,322 |  |  |  | 284 |
Trade names |  |  | 4,647 |  |  |  | 647 |  |  |  | 4,000 |
Trademarks |  |  | 3,402 |  |  |  | - |  |  |  | 3,402 |
Other |  |  | 1,500 |  |  |  | 515 |  |  |  | 985 |
Total other intangible assets |  | $ | 28,247 |  |  | $ | 13,140 |  |  | $ | 15,107 |
|  | December 31, 2022 |
|  | Cost |  |  | Accumulated amortization |  |  | Net |
Customer relationships |  | $ | 12,970 |  |  | $ | 5,992 |  |  | $ | 6,978 |
Patents and technology |  |  | 5,557 |  |  |  | 5,171 |  |  |  | 386 |
Trade names |  |  | 4,629 |  |  |  | 522 |  |  |  | 4,107 |
Trademarks |  |  | 3,404 |  |  |  | - |  |  |  | 3,404 |
Other |  |  | 1,500 |  |  |  | 454 |  |  |  | 1,046 |
Total other intangible assets |  | $ | 28,060 |  |  | $ | 12,139 |  |  | $ | 15,921 |
The change in the cost value of other intangible assets is attributable to the effect of foreign currency translations. Amortization of other intangible assets was included in the following financial statement captions:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Research and development expense |  | $ | 97 |  |  | $ | 97 |
Selling, general and administrative expense |  |  | 792 |  |  |  | 1,185 |
Total |  | $ | 889 |  |  | $ | 1,282 |
Future amortization expense of amortizable intangible assets will be approximately $912, $912, $775, $775 and $774 for the five fiscal years ending December 31, 2024 through 2028, respectively.

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