v3.23.1

Note 7 - Select Balance Sheet and Statement of Operations Information | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Balance Sheet and Income Statement Disclosures [Text Block] | 7. SELECT BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION Inventory Inventory consists of the following:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Raw materials |  | $ | 2,478 |  |  | $ | 2,368 |
Work-in-progress |  |  | 2,112 |  |  |  | 1,649 |
Finished goods |  |  | 19,316 |  |  |  | 16,526 |
Total inventory |  | $ | 23,906 |  |  | $ | 20,543 |
Additions to inventory are primarily comprised of newly produced units and applicators, refurbishment cost from demonstration units and used equipment which were reacquired during the year from upgraded sales. The Company expensed $31,555 ($28,089 in 2021) in cost of goods sold during the year. The balance of cost of goods sold represents the sale of applicators, parts and warranties. The Company provides for excess and obsolete inventories when conditions indicate that the inventory cost is not recoverable due to physical deterioration, usage, obsolescence, reductions in estimated future demand and reductions in selling prices. Inventory provisions are measured as the difference between the cost of inventory and net realizable value to establish a lower cost basis for the inventories. As of December 31, 2022, a provision for obsolescence of $3,258 ($2,213 in 2021) was taken against inventory. Property and Equipment, Net Property and equipment, net consist of the following:
|  |  |  |  | December 31, |
|  | Useful Lives (in years) |  |  | 2022 |  |  | 2021 |
Lab equipment tooling and molds |  | 4 – 10 |  |  | $ | 4,356 |  |  | $ | 8,194 |
Office furniture and equipment |  | 6 – 10 |  |  |  | 1,240 |  |  |  | 1,743 |
Leasehold improvements |  | up to 10 |  |  |  | 794 |  |  |  | 1,839 |
Computers and software |  | 3 |  |  |  | 906 |  |  |  | 1,939 |
Vehicles |  | 5 – 7 |  |  |  | 37 |  |  |  | 37 |
Demo units |  | 5 |  |  |  | 214 |  |  |  | 114 |
Total property and equipment |  |  |  |  |  | 7,547 |  |  |  | 13,866 |
Less: Accumulated depreciation |  |  |  |  |  | (5,690 | ) |  |  | (11,197 | )
Total property and equipment, net |  |  |  |  | $ | 1,857 |  |  | $ | 2,669 |
Depreciation expense amounted to $990 and $1,381 for the years ended December 31, 2022 and 2021. Other Current Assets
|  | December 31, |
|  | 2022 |  |  | 2021 |
Government remittances (1) |  | $ | 1,602 |  |  | $ | 1,322 |
Consideration receivable from subsidiaries sale |  |  | 629 |  |  |  | 1,405 |
Deferred financing costs |  |  | 301 |  |  |  | 223 |
Sundry assets and miscellaneous |  |  | 1,170 |  |  |  | 808 |
Total other current assets |  | $ | 3,702 |  |  | $ | 3,758 |
(1) | Government remittances are receivables from the local tax authorities for refund of sales taxes and income taxes.
Accrued Expenses and Other Current Liabilities
|  | December 31, |
|  | 2022 |  |  | 2021 |
Payroll and related expense |  | $ | 2,244 |  |  | $ | 1,770 |
Accrued expenses |  |  | 5,045 |  |  |  | 6,584 |
Commission accrual |  |  | 3,761 |  |  |  | 4,529 |
Sales and consumption taxes |  |  | 5,617 |  |  |  | 6,629 |
Total accrued expenses and other current liabilities |  | $ | 16,667 |  |  | $ | 19,512 |
Warranty Accrual The following table provides the details of the change in the Company’s warranty accrual:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Balance as of the beginning of the year |  | $ | 1,753 |  |  | $ | 1,639 |
Warranties issued during the year |  |  | 993 |  |  |  | 1,231 |
Warranty costs incurred during the year |  |  | (1,264 | ) |  |  | (1,117 | )
Balance at the end of the year |  | $ | 1,482 |  |  | $ | 1,753 |
Current |  |  | 1,074 |  |  |  | 1,245 |
Long-term |  |  | 408 |  |  |  | 508 |
Total |  | $ | 1,482 |  |  | $ | 1,753 |
Finance Expenses The following table provides the details of the Company’s finance expenses:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Interest expense |  | $ | 4,297 |  |  | $ | 3,720 |
Accretion on long-term debt and amortization of fees |  |  | 264 |  |  |  | 1,235 |
Total finance expenses |  | $ | 4,561 |  |  | $ | 4,955 |

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