INVESTMENT IN PRIVATELY-HELD COMPANY |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN PRIVATELY-HELD COMPANY |
NOTE
10: INVESTMENT IN PRIVATELY-HELD COMPANY
On
January 31, 2021, the Company completed an investment of $11,643
in the preferred stock of AutoGrid Systems, Inc. ("AutoGrid"), a privately held company.
On
February 1, 2021, the Company signed on a preferred stock purchase agreement for an additional investment of $5,000
in AutoGrid's preferred stock (the "second investment"). On April 28, 2021, the Company completed the second investment.
The
Company accounted for the AutoGrid investment as an equity investment without readily determinable fair values.
On
July 20, 2022, the Company completed the sale of its investment in AutoGrid for proceeds of $24,362,
thus recognizing a gain of $7,719
which was recorded in the statement of income under "Other income".
Investments
in privately-held companies are included within other long-term assets in the consolidated balance sheets. As of December 31,
2022, the Company had no investments in privately-held companies. As of December 31, 2021, the carrying value of investments
in privately-held companies was $16,643.
No
impairment or other adjustments related to observable price changes in orderly transactions for identical or similar investments were
identified up to the date of the sale. |