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Supplemental Consolidated Balance Sheet Information
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:

 

(In thousands)  March 31,
2024		   December 31,
2023		 
Accounts receivable, gross  $2,723   $3,036 
Less allowance for credit losses   (2,512)   (1,887)
Accounts receivable, net  $211   $1,149 

 

The changes in the allowance for credit losses accounts consisted of the following:

 

(In thousands)  Three months
ended
March 31,
2024		   Year
ended
December 31,
2023		 
Allowance for credit losses - beginning of period  $1,887   $4,605 
(Recovery of) allowance for credit losses   642    (1,426)
Write-offs of uncollectible accounts   (17)   (1,292)
Allowance for credit losses - end of period  $2,512   $1,887 

 

Prepaid Expenses and Other Current Assets

 

Prepaid expenses and other current assets consisted of the following as of March 31, 2024 and December 31, 2023:

 

(In thousands)  March 31,
2024		   December 31,
2023		 
Prepaid settlement asset  $
—
   $2,054 
Other receivables, other   536    659 
Prepaid insurance   352    454 
Prepaid expenses, other   93    82 
Prepaid software   31    70 
Prepaid materials   16    13 
Total prepaid expenses and other current assets  $1,028   $3,332 

 

Property and Equipment, Net

 

Property and equipment, net consisted of the following as of March 31, 2024 and December 31, 2023:

 

(In thousands)  March 31,
2024		   December 31,
2023		 
Leased equipment  $4,465   $4,465 
Leasehold improvements   702    702 
Machinery and equipment   904    904 
Software   606    606 
Computer and office equipment   588    588 
Research and development laboratory equipment   183    183 
Furniture and fixtures   116    116 
Trade show assets   78    78 
Vehicles   43    43 
Total property and equipment, gross   7,685    7,685 
Accumulated depreciation   (3,300)   (2,894)
Construction in progress   2,943    2,943 
Total property and equipment, net  $7,328   $7,734 

 

Depreciation expense for the three months ended March 31, 2024 and 2023 was $0.4 million and $0.4 million, respectively, and included within general and administrative, selling and marketing, and research and development depending on the nature of the related property and equipment.

 

Accrued Expenses and Other Current Liabilities

 

Accrued expenses and other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023:

 

(In thousands)  March 31,
2024		   December 31,
2023		 
Sales tax payable (1)  $5,320   $5,338 
Accrued acquisition liabilities (2)   
—
    2,180 
Accrued construction costs   1,312    1,412 
Accrued interest expense   12    321 
Compensation related fees   313    474 
Accrued warranty expenses   415    420 
Accrued professional fees   423    457 
Accrued inventory purchases   3    10 
Accrued consulting fees   45    43 
Total accrued expenses and other current liabilities  $7,843   $10,655 

 

(1)Sales tax payable primarily represents identified sales and use tax liabilities arising from our acquisition of Precision and Cascade. These amounts are included as part of our initial purchase price allocations and are the subject matter of an indemnification claim under the Precision and Cascade acquisition agreement.

 

(2)Accrued acquisition liabilities represents the value of held back Common Stock associated with the 2021 acquisitions of Precision and Cascade.