| Supplemental Balance Sheet Disclosures [Text Block] |
|
5.
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SUPPLEMENTAL BALANCE SHEET INFORMATION
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Fair Value Measurements and Disclosures
The fair value of financial instruments approximated their carrying values at September 30, 2022 and December 31, 2021. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments.
Cash
The composition of the Company’s cash was as follows:
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|
September 30,
|
|
|
December 31,
|
|
| |
|
2022
|
|
|
2021
|
|
|
Cash
|
|
$ |
4,978 |
|
|
$ |
8,329 |
|
|
Restricted cash
|
|
|
73 |
|
|
|
84 |
|
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Total
|
|
$ |
5,051 |
|
|
$ |
8,413 |
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As of September 30, 2022 and December 31, 2021, restricted cash included $73and $84, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.
Inventories, Net
Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:
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September 30,
|
|
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December 31,
|
|
| |
|
2022
|
|
|
2021
|
|
|
Raw materials
|
|
$ |
28,485 |
|
|
$ |
21,660 |
|
|
Work in process
|
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|
3,215 |
|
|
|
4,227 |
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Finished goods
|
|
|
9,069 |
|
|
|
7,302 |
|
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Total
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|
$ |
40,769 |
|
|
$ |
33,189 |
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Property, Plant and Equipment, Net
Major classes of property, plant and equipment consisted of the following:
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September 30,
|
|
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December 31,
|
|
| |
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2022
|
|
|
2021
|
|
|
Land
|
|
$ |
1,273 |
|
|
$ |
1,273 |
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Buildings and leasehold improvements
|
|
|
15,483 |
|
|
|
15,442 |
|
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Machinery and equipment
|
|
|
63,724 |
|
|
|
63,780 |
|
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Furniture and fixtures
|
|
|
2,787 |
|
|
|
2,588 |
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Computer hardware and software
|
|
|
7,589 |
|
|
|
7,579 |
|
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Construction in process
|
|
|
1,041 |
|
|
|
761 |
|
| |
|
|
91,897 |
|
|
|
91,423 |
|
|
Less: Accumulated depreciation
|
|
|
(69,999 |
) |
|
|
(68,218 |
) |
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Property, plant and equipment, net
|
|
$ |
21,898 |
|
|
$ |
23,205 |
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Depreciation expense for property, plant and equipment was as follows:
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Three-month period ended
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Nine-month period ended
|
|
| |
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
| |
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Depreciation expense
|
|
$ |
815 |
|
|
$ |
700 |
|
|
$ |
2,450 |
|
|
$ |
2,160 |
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Goodwill
The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2022.
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Battery &
Energy
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Communications
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|
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|
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Products
|
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Systems
|
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Total
|
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Balance – December 31, 2021
|
|
$ |
26,575 |
|
|
$ |
11,493 |
|
|
$ |
38,068 |
|
|
Measurement period adjustment (1)
|
|
|
(30 |
) |
|
|
- |
|
|
|
(30 |
) |
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Effect of foreign currency translation
|
|
|
(972 |
) |
|
|
- |
|
|
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(972 |
) |
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Balance – September 30, 2022
|
|
$ |
25,573 |
|
|
$ |
11,493 |
|
|
$ |
37,066 |
|
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(1)
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Change for measurement period adjustment related to Excell Acquisition (Note 2).
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Other Intangible Assets, Net
The composition of other intangible assets was:
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at September 30, 2022
|
|
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|
|
|
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Accumulated
|
|
|
|
|
|
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Cost
|
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Amortization
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Net
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|
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Customer relationships
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$ |
12,781 |
|
|
$ |
5,757 |
|
|
$ |
7,024 |
|
|
Patents and technology
|
|
|
5,481 |
|
|
|
5,092 |
|
|
|
389 |
|
|
Trade names
|
|
|
4,601 |
|
|
|
475 |
|
|
|
4,126 |
|
|
Trademarks
|
|
|
3,401 |
|
|
|
- |
|
|
|
3,401 |
|
|
Other
|
|
|
1,500 |
|
|
|
345 |
|
|
|
1,155 |
|
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Total other intangible assets
|
|
$ |
27,764 |
|
|
$ |
11,669 |
|
|
$ |
16,095 |
|
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at December 31, 2021
|
|
| |
|
|
|
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Accumulated
|
|
|
|
|
|
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Cost
|
|
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Amortization
|
|
|
Net
|
|
|
Customer relationships
|
|
$ |
13,214 |
|
|
$ |
5,484 |
|
|
$ |
7,730 |
|
|
Patents and technology
|
|
|
5,667 |
|
|
|
5,126 |
|
|
|
541 |
|
|
Trade names
|
|
|
4,670 |
|
|
|
436 |
|
|
|
4,234 |
|
|
Trademarks
|
|
|
3,413 |
|
|
|
- |
|
|
|
3,413 |
|
|
Other
|
|
|
1,490 |
|
|
|
18 |
|
|
|
1,472 |
|
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Total other intangible assets
|
|
$ |
28,454 |
|
|
$ |
11,064 |
|
|
$ |
17,390 |
|
The change in the cost of total intangible assets from December 31, 2021 to September 30, 2022 is a result of measurement period adjustments for the Excell Acquisition (Note 2) and the effect of foreign currency translations.
Amortization expense for other intangible assets was as follows:
| |
|
Three-month period ended
|
|
|
Nine-month period ended
|
|
| |
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
| |
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
| Amortization included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development
|
|
$ |
23 |
|
|
$ |
27 |
|
|
$ |
74 |
|
|
$ |
93 |
|
|
Selling, general and administrative
|
|
|
295 |
|
|
|
121 |
|
|
|
895 |
|
|
|
365 |
|
|
Total amortization expense
|
|
$ |
318 |
|
|
$ |
148 |
|
|
$ |
969 |
|
|
$ |
458 |
|
|