Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

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Balance Sheet Components
6 Months Ended
Jun. 30, 2024
Balance Sheet Components  
Balance Sheet Components

3.

Balance Sheet Components

Inventories (in thousands):

June 30, 

December 31, 

    

2024

    

2023

Raw materials

$

648

$

621

Work in progress

22

Finished goods

 

1,660

 

2,116

Total inventories

$

2,330

$

2,737

Note receivable:

On June 13, 2024, the Company entered into a Senior Secured Promissory Note and Security Agreement (“Promissory Note and Security Agreement”) with an unaffiliated third-party company (“the Borrower”). Pursuant to the Promissory Note and Security Agreement, the Company agreed to provide the Borrower with a term loan in the principal amount of $150,000 (“June 2024 Note”). The June 2024 Note matures on October 11, 2024. Borrowings under the June 2024 Note bear interest at a rate per annum equal to 5.12%. On the maturity date, subject to any extension, the Borrower will be obligated to make a payment equal to all unpaid principal and accrued interest. Note receivable is included in other assets on the condensed consolidated balance sheets. There was no note receivable at December 31, 2023.

3.Balance Sheet Components, continued

Property and equipment, net (in thousands):

June 30, 

December 31, 

    

2024

    

2023

Machinery and equipment

$

758

$

741

Tooling

 

14

 

11

 

772

 

752

Less: Accumulated depreciation and amortization

 

(707)

 

(659)

Property and equipment, net

$

65

$

93

Depreciation and amortization expense for the three months ended June 30, 2024 and 2023 were approximately of $28,000 and $32,000, respectively. Depreciation and amortization expense for the six months ended June 30, 2024 and 2023 were approximately  $48,000 and $65,000, respectively.

Accrued liabilities (in thousands):

June 30, 

December 31, 

    

2024

    

2023

Accrued vacation

$

448

$

418

Accrued audit fees

161

211

Accrued legal fees

158

Accrued rebate

151

215

Customer advance

150

19

Accrued compensation

 

130

 

127

Accrued lease liability, current portion

67

Accrued other

114

327

Total accrued liabilities

$

1,379

$

1,317