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Supplemental Consolidated Balance Sheet Information
 9 Months Ended
Sep. 30, 2022
Supplemental Consolidated Balance Sheet Information [Abstract]  
Supplemental Consolidated Balance Sheet Information

Note 3 — Supplemental Consolidated Balance Sheet Information

 

Accounts Receivable

 

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

 

(In thousands)  September 30,
2022		   December 31,
2021		 
Accounts receivable, gross  $7,684   $8,637 
Less allowance for doubtful accounts   (3,125)   (1,415)
Accounts receivable, net  $4,559   $7,222 

 

NEIA, a related party, accounted for $0 and $3.5 million of the Company’s accounts receivable, net as of September 30, 2022 and December 31, 2021, respectively.

 

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

 

(In thousands)  Nine Months Ended
September 30,
2022		   Year
Ended
December 31,
2021		 
Allowance for doubtful accounts - beginning of period  $1,415   $54 
Provision for doubtful accounts   1,938    1,187 
Other adjustments   (228)   174 
Allowance for doubtful accounts - end of period  $3,125   $1,415 

 

Bad debt expense was $385 thousand and $0 for the three months ended September 30, 2022 and 2021, respectively, and $1.9 million and $0 for the nine months ended September 30, 2022 and 2021, respectively.

 

Prepaid Expenses and Other Current Receivables

 

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

 

(In thousands)   September 30,
2022		     December 31,
2021		  
Deferred costs   $ 1,108     $ 353  
Prepaid insurance     931       492  
Other receivables, other     603       86  
Other note receivables (1)     584       807  
Prepaid expenses, other     430       541  
Prepaid materials     261       —  
Prepaid software     188       173  
Deferred issuance costs, net     191       —  
Total prepaid expenses and other current assets   $ 4,296     $ 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 September 30, 2022 and December 31, 2021:

 

(In thousands)   September 30,
2022		     December 31,
2021		  
Leasehold improvements   $ 1,048     $ 841  
Machinery and equipment     1,048       898  
Computer and office equipment     624       473  
Leased equipment at customer     602       619  
Furniture and fixtures     504       385  
Software     300       174  
Research and development of laboratory equipment     260       163  
Vehicles     143       143  
Trade show assets     79       80  
Total property and equipment, gross     4,608       3,776  
Accumulated depreciation     (1,930 )     (780 )
Construction in progress     10,530       3,236  
Total property and equipment, net   $ 13,208     $ 6,232  

 

Depreciation expense for the three months ended September 30, 2022 and 2021 was $409 thousand and $139 thousand, respectively, and $1.2 million and $337 thousand for the nine months ended September 30, 2022 and 2021, respectively.

 

Other Non-Current Assets

 

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

 

(In thousands)   September 30,
2022		     December 31,
2021		  
Long-term deferred commissions expense   $ 1,293     $ 1,101  
Deferred debt issuance costs, non-current, net     454       —  
Security deposits     152       83  
Total other non-current assets   $ 1,899     $ 1,184  

Accrued Expenses and Other Current Liabilities

 

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

 

(In thousands)  September 30,
2022		   December 31,
2021		 
Sales tax payable (1)  $5,756   $5,290 
Accrued construction costs   5,661    8,803 
Accrued acquisition liability (2)   4,145    9,198 
Compensation related fees   3,141    3,491 
Accrued warranty costs   540    398 
Accrued professional fees   448    1,104 
Accrued interest expense   263    — 
Accrued inventory purchases   243    201 
Financing lease liabilities   153    156 
Accrued consulting fees   90    75 
Accrued non-income taxes   
—
    48 
Other current liabilities   65    
—
 
Total accrued expenses and other current liabilities  $20,505   $28,764 

 

(1) 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.

 

(2) 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 acquisition of PurePressure.

 

Warranty Accrual

 

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

 

(In thousands)  Nine Months
Ended
September 30,
2022		   Year Ended
December 31,
2021		 
Warranty accrual – beginning of period  $       398   $          — 
Liabilities accrued for warranties issued during period   142    398 
Warranty accrual – end of period  $540   $398