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Supplemental Consolidated Balance Sheet Information
 6 Months Ended
Jun. 30, 2022
Disclosure Text Block Supplement [Abstract]  
Supplemental Consolidated Balance Sheet Information

Note 3 – Supplemental Consolidated Balance Sheet Information

 

Accounts Receivable

 

Accounts receivable consisted of the following as of June 30, 2022 and December 31, 2021: 

 

(In thousands)   June 30,
2022		     December 31,
2021		  
Accounts receivable, gross   $ 13,208     $ 8,637  
Less allowance for doubtful accounts     (2,740 )     (1,415 )
Accounts receivable, net   $ 10,468     $ 7,222  

 

NEIA, a related party, accounted for $2.4 million and $3.5 million of the Company’s accounts receivable, net as of June 30, 2022 and December 31, 2021, respectively.

 

The changes in the allowance for doubtful accounts consisted of the following:

 

(In thousands)  Six Months ended
June 30,
2022		   Year ended
December 31,
2021		 
Allowance for doubtful accounts - beginning of period  $1,415   $54 
Provision for doubtful accounts   1,553    1,187 
Other adjustments   (228)   174 
Allowance for doubtful accounts - end of period  $2,740   $1,415 

 

Bad debt expense was $1.6 million and $0 for the three months ended June 30, 2022 and 2021, respectively, and $1.6 million and $0 for the six months ended June 30, 2022 and 2021, respectively.

 

Prepaid Expenses and Other Current Receivables

 

Prepaid expenses and other current receivables consisted of the following as of June 30, 2022 and December 31, 2021:

 

(In thousands)  June 30,
2022		   December 31,
2021		 
Prepaid insurance  $1,645   $492 
Prepaid materials   208    
—
 
Prepaid software   210    173 
Prepaid expenses, other   772    541 
Deferred costs   
—
    353 
Deferred issuance costs, net   908    
—
 
Other note receivables (1)   1,612    807 
Other receivables, other   570    86 
Total prepaid expenses and other current assets  $5,925   $2,452 

 

(1) Other note receivables relate to the current portion of one of its loan receivable balances related to the total turn-key solution (“TTK Solution”) program.

 

Property and Equipment, Net

 

Property and equipment, net consisted of the following as of June 30, 2022 and December 31, 2021:

 

(In thousands)   June 30,
2022		     December 31,
2021		  
Computer and office equipment   $ 572     $ 473  
Furniture and fixtures     505       385  
Leasehold improvements     1,000       841  
Machinery and equipment     990       898  
Software     308       174  
Vehicles     143       143  
Research and development of laboratory equipment     254       163  
Leased equipment at customer     602       619  
Trade show assets     80       80  
Total property and equipment, gross     4,454       3,776  
Accumulated depreciation     (1,530 )     (780 )
Construction in progress     9,008       3,236  
Total property and equipment, net   $ 11,932     $ 6,232  

 

Depreciation expense for the three months ended June 30, 2022 and 2021 was $438 thousand and $109 thousand, respectively, and $817 thousand and $199 thousand for the six months ended June 30, 2022 and 2021, respectively.

 

Other Non-Current Assets

 

Other non-current assets consisted of the following as of June 30, 2022 and December 31, 2021:

 

(In thousands)  June 30,
2022		   December 31,
2021		 
Deferred debt issuance costs, non-current, net  $1,514   $
—
 
Long-term deferred commissions expense   1,244    1,101 
Security deposits   162    83 
Total other non-current assets  $2,920   $1,184 

 

Accrued Expenses and Other Current Liabilities

 

Accrued expenses and other current liabilities consisted of the following as of June 30, 2022 and December 31, 2021: 

 

(In thousands)  June 30,
2022		   December 31,
2021		 
Accrued acquisition liability (1)  $10,579   $9,198 
Sales tax payable (2)   5,724    5,290 
Accrued construction costs   5,155    8,803 
Compensation related fees   3,180    3,491 
Accrued professional fees   1,348    1,104 
Accrued warranty costs   579    398 
Accrued consulting fees   133    75 
Accrued inventory purchases   586    201 
Financing lease liabilities   166    156 
Accrued non-income taxes   
—
    48 
Other current liabilities   6    
—
 
Total accrued expenses and other current liabilities  $27,456   $28,764 

 

(1) Accrued acquisition liabilities include both the contingent consideration and the value of held back Common Stock associated with the 2022 acquisition of Lab Society and the 2021 acquisitions of Precision, Cascade and PurePressure.
   
(2) Sales tax payable primarily represents identified sales and use tax liabilities arising from the acquisition of Precision and Cascade. These amounts are included as part of the initial purchase price allocations and are the subject matter of an indemnification claim under the Precision and Cascade acquisition agreement.

 

Warranty Accrual

 

The following table summarizes the activity related to the Company’s accrued liability for estimated future warranty costs:

 

(In thousands)  Six Months ended
June 30,
2022		   Year ended
December 31,
2021		 
Warranty accrual – beginning of period  $398   $
—
 
Liabilities accrued for warranties issued during period   181    398 
Warranty accrual – end of period  $579   $398