XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
BALANCE SHEET COMPONENTS
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Cash and Cash Equivalents
Highly liquid investments with maturities of three months or less as of the date of acquisition are classified as cash equivalents, of which we had $2.0 million and $5.4 million as of June 30, 2024 and December 31, 2023, respectively, included within cash and cash equivalents in the condensed balance sheets.
Accounts Receivable, Net
Accounts receivable, net consisted of the following (in thousands):
June 30,
2024
December 31,
2023
Accounts receivable$247 $99 
Allowance for uncollectible accounts(4)(4)
Accounts receivable, net$243 $95 
The following was the activity in the allowance for uncollectible accounts (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Balance as of beginning of period$$$$
Increase in provision— — — 
Amounts written off, less recoveries(2)— — (2)
Balance as of end of period$$$$
Inventory, net
Inventory, net consisted of the following (in thousands):
June 30,
2024
December 31,
2023
Raw materials$780 $747 
Work in progress— 
Finished goods112 53 
Total inventory899 800 
Less: reserve for obsolescence— (5)
Inventory, net$899 $795 
The following was the activity in the reserve for obsolescence (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Balance as of beginning of period$$18 $$18 
Increase in reserve— — — — 
Amounts relieved(5)— (5)— 
Balance as of end of period$— $18 $— $18 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30,
2024
December 31,
2023
Equity offering costs$124 $— 
Software licenses116 152 
Professional services48 30 
Insurance47 64 
Prepaid inventory29 111 
Other100 31 
Total prepaid expenses and other current assets$464 $388 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
June 30,
2024
December 31,
2023
Research and development equipment$1,792 $1,763 
Office and computer equipment808 808 
Autos54 54 
Furniture and fixtures46 41 
Leasehold improvements152 141 
Total in service2,852 2,807 
Accumulated depreciation and amortization(2,492)(2,419)
Property and equipment, net$360 $388 
Accrued Expenses
Accrued expenses consisted of the following (in thousands):
June 30,
2024
December 31,
2023
Compensation and related benefits$325 $232 
Legal and consulting professional services79 121 
Product warranty11 15 
Total accrued expenses$415 $368 
Notes Payable
In 2023, we arranged financing for the purchase of certain equipment. The notes payable for that certain equipment have a weighted average annual interest rate of 8.9% with a term of five years and is secured by the underlying equipment.
As of June 30, 2024, future principal payments were as follows (in thousands):
2024$19 
202541 
202645 
202749 
202844 
Thereafter
Total principal payments201 
Less: current portion of notes payable(39)
Notes payable, less current portion$162