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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 7,981 $ 13,922 [1]
Accounts receivable 6,109 6,229 [1],[2]
Receivable from related party 2,005 3,539 [1]
Inventories 10,118 10,608 [1]
Prepaid expenses and other current assets 1,129 1,468 [1]
Total current assets 27,342 35,766 [1]
Property and equipment, net 524 462 [1]
Intangible assets, net 1,726 1,977 [1]
Goodwill 965 965 [1]
Operating lease right-of-use assets, net 2,789 1,665 [1]
Other long-term assets 1,603 1,455 [1]
Total assets 34,949 42,290 [1]
Current liabilities:    
Accounts payable 2,610 3,858 [1]
Payable to related party [1] 3 15
Accrued compensation 2,197 2,448 [1]
Accrued expenses 1,171 1,548 [1]
Other current liabilities 886 968 [1]
Accrued warranty 247 168 [1]
Deferred revenue 2,239 2,411 [1]
Current portion of lease liabilities 995 1,037 [1]
Total current liabilities 10,348 12,453 [1]
Long-term liabilities:    
Accrued warranty 138 106 [1]
Deferred revenue 10,472 11,742 [1]
Operating lease liabilities 1,901 732 [1]
Other long-term liabilities 26 26 [1]
Total liabilities 22,885 25,059 [1]
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Preferred stock, $0.01 par value, 2,000,000 shares authorized, no shares issued and outstanding 0 0 [1]
Common stock, $0.01 par value:Authorized: 30,000,000 shares;Issued and outstanding 16,232,473 and 15,989,662 shares as of September 30, 2023 and December 31, 2022, respectively 172 169 [1]
Additional paid-in capital 87,993 86,802 [1]
Accumulated other comprehensive loss (19) (24) [1]
Accumulated deficit (76,082) (69,716) [1]
Total stockholders’ equity 12,064 17,231 [1]
Total liabilities and stockholders’ equity $ 34,949 $ 42,290 [1]
[1] Derived from the audited consolidated financial statements included in the Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022.
[2] Prior to our adoption of Accounting Standard Update 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2023, the provision for credit losses related to accounts receivable was not applicable and is therefore presented as $0 at December 31, 2022. See Note 3 for additional details.