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BALANCE SHEET INFORMATION
 12 Months Ended
May 31, 2023
BALANCE SHEET INFORMATION  
BALANCE SHEET INFORMATION 3. BALANCE SHEET INFORMATION 

 

Inventories

 

Inventories consisted of the following:

 

 

 

August 31,

 

 

May 31,

 

(In thousands)

 

2023

 

 

2023

 

Raw materials and sub-assemblies

 

$19,422

 

 

$15,953

 

Work in process

 

 

9,617

 

 

 

5,764

 

Finished goods

 

 

2,518

 

 

 

2,191

 

 

 

$31,557

 

 

$23,908

 

  

Property and equipment

 

Property and equipment, net consisted of the following:

 

 

 

Useful life

 

August 31,

 

 

May 31,

 

(In thousands)

 

(In years)

 

2023

 

 

2023

 

Leasehold improvements

 

 *

 

$1,325

 

 

$1,310

 

Machinery and equipment

 

 3 - 6

 

 

5,787

 

 

 

5,445

 

Test equipment

 

 4 - 6

 

 

3,083

 

 

 

2,998

 

Furniture and fixtures

 

 2 - 6

 

 

725

 

 

 

706

 

 

 

 

 

 

10,920

 

 

 

10,459

 

Less: accumulated depreciation and amortization

 

 

 

 

(7,837)

 

 

(7,700)

 

 

 

 

$3,083

 

 

$2,759

 

 

* Lesser of estimated useful life or lease term.

 

Product warranties

 

The Company provides for the estimated cost of product warranties at the time revenues are recognized on the products shipped. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company’s estimates, revisions to the estimated warranty liability would be required. The standard warranty period is one year for systems and ninety days for parts and service.

 

The following is a summary of changes in the Company's liability for product warranties during the three months ended August 31, 2023 and 2022:

 

 

 

Three Months Ended August 31,

 

(In thousands)

 

2023

 

 

2022

 

Balance at the beginning of the period

 

$267

 

 

$410

 

Accruals for warranties issued during the period

 

 

65

 

 

 

118

 

Adjustments to previously existing warrany accruals

 

 

-

 

 

 

61

 

Consumption of reserves

 

 

(100)

 

 

(165)

Balance at the end of the period

 

$232

 

 

$424

 

 

The accrued warranty balance is included in accrued expenses on the accompanying Condensed Consolidated Balance Sheets.

 

Deferred revenue

 

Deferred revenue, short-term consisted of the following:

 

 

 

August 31,

 

 

May 31,

 

(In thousands)

 

2023

 

 

2023

 

Customer deposits

 

$2,008

 

 

$2,690

 

Deferred revenue

 

 

4,106

 

 

 

132

 

 

 

$6,114

 

 

$2,822