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Balance Sheet Components
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Prepaid and Other Current Assets
Prepaid and other current assets consisted of the following (in thousands):
June 30,
2024		December 31,
2023
License fees$48 $158 
Professional fees133 53 
General liability insurance52 26 
Hudson warrant53 86 
Prepaid rent
62 277 
Other30 128 
Total$378 $728 
Notes receivable
On March 30, 2024, the Company entered into a Senior Secured Promissory Note agreement (the “March Note”) with RamPro Construction and HDD, LLC, and Vero HDD, LLC (collectively, the "Borrowers"). Under this agreement, the Company holds a note receivable with a principal amount of $0.6 million. The note bears interest at a rate of 5% per annum, calculated on a 360-day year basis, with interest payable upon maturity. The principal and accrued interest are due on December 30, 2024.
On May 10, 2024, the Company and Borrowers executed a Senior Secured Promissory Note (the “May Note”). The May Note replaced the obligations from the Borrowers to Crown under the March Note and it was in substance an amendment of the March Note. The Company promised to lend $0.3 million to the Borrowers. The May Note bears interest at a rate of 5% per annum, calculated on a 360-day year basis, with interest payable upon maturity. The principal and accrued interest are due on May 25, 2025. As of June 30, 2024, the March Note was extinguished and there were no unamortized net fees or costs from the March Note.
The note is secured by all personal property and assets of the Borrowers and their subsidiaries, granting the Company a first priority security interest in these assets. In the event of default, the Company has the right to declare the unpaid balance immediately due and payable and pursue remedies available to a secured party under the Uniform Commercial Code. Events of default include non-payment of principal or interest, and the bankruptcy or insolvency of the Borrowers. The Company evaluates the collectability of the note receivable regularly and maintains an allowance for credit losses based on historical experience, current conditions, and reasonable forecasts. As of June 30, 2024, no allowance for credit losses had been deemed necessary for the May Note receivable.
Property and equipment, net
Property and equipment, net, consisted of the following (in thousands):
June 30,
2024		December 31,
2023
Equipment$3,330 $3,155 
Leasehold improvements362 362 
Vehicles410 395 
Computers55 56 
Furniture and Fixtures3 3 
Construction-in-progress87 77 
Total4,247 4,048 
Less: accumulated depreciation(1,235)(919)
Property and equipment, net$3,012 $3,129 
Depreciation expense for the three months ended June 30, 2024 and 2023 was $0.1 million and $0.1 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $0.3 million and $0.3 million, respectively.
Intangible assets, net
Intangible assets, net, consists of the following (in thousands):
June 30,
2024		December 31,
2023
Patents$1,800 $1,800 
Research license375 375 
Customer relationships4 4 
Total2,179 2,179 
Less: accumulated amortization(910)(797)
Intangible assets, net$1,269 $1,382 
The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter as of June 30, 2024 (in thousands):
Estimated
 Amortization
 Expense
Six months ended December 31, 2024$122 
Year ended December 31, 2025234 
Year ended December 31, 2026197 
Year ended December 31, 2027194 
Year ended December 31, 2028195 
Thereafter327 
Total$1,269 
For the three months ended June 30, 2024 and 2023, amortization expense was approximately zero and $0.1 million, respectively. For the six months ended June 30, 2024 and 2023, amortization expense was approximately $0.1 million and $0.1 million, respectively. As of June 30, 2024, the remaining weighted-average amortization period for acquired intangible assets was 0.70 years.
Accrued expenses
Accrued expenses consisted of the following (in thousands):
June 30,
2024		December 31,
2023
Payroll and related expenses$118 $112 
Bonus- 1,000 
Taxes56 51 
Other expenses724 31 
Total$898 $1,194