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Note 4 - Balance Sheet Components

9 Months Ended

Sep. 29, 2024

Supplemental Balance Sheet Disclosures [Text Block]

Note 4 — Balance Sheet Components

The following table provides details relating to certain balance sheet line items as of September 29, 2024, and December 31, 2023 (in thousands):

	*September 29,*			*December 31,*
	*2024*			*2023*
Inventories, net:
Work-in-process	$	1,438		$	1,602
Finished goods		342			427
	$	1,780		$	2,029
Prepaid expenses and other current assets:
Prepaid taxes	$	522		$	498
Deferred charges		999			290
Deferred cost of sales		586			2
Other prepaid taxes, royalties, and other prepaid expenses		632			627
Other		180			144
	$	2,919		$	1,561
Property and equipment, net:
Equipment	$	9,613		$	10,503
Software tools		3,009			2,163
Tooling		12,437			7,085
Software		1,776			1,803
Furniture and fixtures		58			65
Leasehold improvements		647			580
		27,540			22,199
Less: Accumulated depreciation and amortization		(13,403	)		(13,251	)
	$	14,137		$	8,948
Capitalized internal-use software, net:
Capitalized internal-use software	$	4,316		$	3,491
Less: Accumulated amortization		(1,964	)		(1,422	)
	$	2,352		$	2,069
Intangible assets, net:
Intangible assets	$	1,156		$	1,156
Less: Accumulated amortization		(699	)		(619	)
	$	457		$	537
Accrued liabilities:
Accrued compensation	$	649		$	1,910
Accrued employee benefits		181			57
Accrued payroll tax		141			197
Other		486			509
	$	1,457		$	2,673

As of September 29, 2024 and December 31, 2023, work-in-process ("WIP") inventories, net consist primarily of $0.4 million and $0.5 million, respectively, of die wafers and $1.0 million and $1.1 million, respectively, of tested, unmarked devices held for sale, which are completed upon customer orders.

The Company capitalized $5.35 million in pre-production design and development costs as tooling to be utilized under its long-term professional services contracts for the nine months ended September 29, 2024. $3.6 million in pre-production design and development costs were capitalized as tooling for the nine months ended October 1, 2023. The capitalized assets recognized in the period are owned by the Company.

The Company recorded depreciation and amortization expense of $2.6 million and $1.2 million for the nine months ended September 29, 2024 and October 1, 2023, respectively. No interest was capitalized for any period presented.

Depreciation and amortization expense included approximately $0.5 million and $0.4 million of amortization expense related to capitalized internal-use software for the nine months ended September 29, 2024 and October 1, 2023, respectively.