XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.24.2

Note 4 - Supplemental Balance Sheet Information | 6 Months Ended
--- | ---
Jun. 30, 2024
Notes to Financial Statements |
Supplemental Balance Sheet Disclosures [Text Block] |
4. | SUPPLEMENTAL BALANCE SHEET INFORMATION
Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at June 30, 2024 and December 31, 2023. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments. Cash The composition of the Company’s cash was as follows:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Cash |  | $ | 6,690 |  |  | $ | 10,196 |
Restricted cash |  |  | - |  |  |  | 82 |
Total |  | $ | 6,690 |  |  | $ | 10,278 |
As December 31, 2023, restricted cash of $82 represented 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. During the period ended June 30, 2024, the deposits were returned to the Company and no longer restricted. As of June 30, 2024, there was no cash classified as restricted cash. Restricted cash as of December 31, 2023 is included as a component of the cash balance for purposes of the consolidated statements of cash flows. Inventories, Net Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | 29,848 |  |  | $ | 29,098 |
Work in process |  |  | 3,185 |  |  |  | 3,187 |
Finished goods |  |  | 8,359 |  |  |  | 9,930 |
Total |  | $ | 41,392 |  |  | $ | 42,215 |
Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Land |  | $ | 1,273 |  |  | $ | 1,273 |
Buildings and leasehold improvements |  |  | 16,064 |  |  |  | 15,998 |
Machinery and equipment |  |  | 57,494 |  |  |  | 57,584 |
Furniture and fixtures |  |  | 2,809 |  |  |  | 2,845 |
Computer hardware and software |  |  | 7,816 |  |  |  | 7,868 |
Construction in process |  |  | 1,846 |  |  |  | 2,033 |
|  |  | 87,302 |  |  |  | 87,601 |
Less: Accumulated depreciation |  |  | (67,021 | ) |  |  | (66,484 | )
Property, plant and equipment, net |  | $ | 20,281 |  |  | $ | 21,117 |
Depreciation expense for property, plant and equipment was as follows:
|  | Three-month period ended |  |  | Six-month period ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Depreciation expense |  | $ | 789 |  |  | $ | 760 |  |  | $ | 1,529 |  |  | $ | 1,522 |
Goodwill The following table summarizes the goodwill activity by segment for the six-month period ended June 30, 2024.
|  | Battery & Energy |  |  | Communications |  |  |  |  |
|  | Products |  |  | Systems |  |  | Total |
Balance – December 31, 2023 |  | $ | 26,078 |  |  | $ | 11,493 |  |  | $ | 37,571 |
Effect of foreign currency translation |  |  | (61 | ) |  |  | - |  |  |  | (61 | )
Balance – June 30, 2024 |  | $ | 26,017 |  |  | $ | 11,493 |  |  | $ | 37,510 |
Other Intangible Assets, Net The composition of other intangible assets was:
|  | at June 30, 2024 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |
Customer relationships |  | $ | 13,087 |  |  | $ | 6,956 |  |  | $ | 6,131 |
Patents and technology |  |  | 5,603 |  |  |  | 5,378 |  |  |  | 225 |
Trade names |  |  | 4,647 |  |  |  | 703 |  |  |  | 3,944 |
Trademarks |  |  | 3,399 |  |  |  | - |  |  |  | 3,399 |
Other |  |  | 1,500 |  |  |  | 553 |  |  |  | 947 |
Total other intangible assets |  | $ | 28,236 |  |  | $ | 13,590 |  |  | $ | 14,646 |
|  | at December 31, 2023 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | 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 |
The change in the cost of total intangible assets from December 31, 2023 to June 30, 2024 is the effect of foreign currency translations. Amortization expense for other intangible assets was as follows:
|  | Three-month period ended |  |  | Six-month period ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Amortization included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  | $ | 202 |  |  | $ | 203 |  |  | $ | 405 |  |  | $ | 388 |
Research and development |  |  | 25 |  |  |  | 24 |  |  |  | 50 |  |  |  | 48 |
Total amortization expense |  | $ | 227 |  |  | $ | 227 |  |  | $ | 455 |  |  | $ | 436 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration