| Details of Certain Financial Statement Components |
Note 2 – Details of Certain Financial Statement Components Inventories, stated at the lower of cost or net realizable value, consisted of the following: | | | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | | Inventories | | (in thousands) | Raw materials | | $ | 1,232 | | $ | 1,608 | Work-in-process | | | 198 | | | 179 | Finished goods | | | 221 | | | 222 | Total inventories | | $ | 1,651 | | $ | 2,009 |
Property, plant and equipment, net, consisted of the following: | | | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | | Property, plant and equipment, net | | (in thousands) | Furniture, machinery and equipment | | $ | 2,216 | | $ | 1,972 | Leasehold improvements | | | 519 | | | 500 | | | | 2,735 | | | 2,472 | Less: accumulated depreciation | | | (2,183) | | | (2,061) | Total property, plant and equipment, net | | $ | 552 | | $ | 411 |
Depreciation expense totaled $48,000 and $37,000 for the three months ended June 30, 2025 and 2024, respectively. Depreciation expense totaled $95,000 and $77,000 for the six months ended June 30, 2025 and 2024, respectively. Intangible assets, net, consisted of the following: | | | | | | | | | | | Weighted | | | | | | | | | Average | | | | | | | | | Amortization | | June 30, | | December 31, | | | Period | | 2025 | | 2024 | | Intangible assets, net | | | | (in thousands) | Patents, tradenames, and trademarks | | 5 years | | $ | 951 | | $ | 931 | Developed technology | | 3.5 years | | | 663 | | | 536 | Customer relationships | | 6 years | | | 1,549 | | | 1,427 | Non-compete agreements | | 4 years | | | 998 | | | 916 | Order backlog | | 0.5 years | | | — | | | 22 | In-process research and development | | Indefinite | | | — | | | 29 | | | | | | 4,161 | | | 3,861 | Less: accumulated amortization | | | | | (2,438) | | | (1,987) | Total intangible assets, net | | | | $ | 1,723 | | $ | 1,874 |
Amortization expense totaled $184,000 and $189,000 for the three months ended June 30, 2025 and 2024, respectively. Amortization expense totaled $356,000 and $378,000 for the six months ended June 30, 2025 and 2024, respectively. | | | | Years ending December 31, | | (in thousands) | 2025 (remainder of year) | | $ | 369 | 2026 | | | 606 | 2027 | | | 381 | 2028 | | | 295 | 2029 | | | 71 | | | $ | 1,723 |
The changes in the carrying amount of goodwill for the periods ended June 30, 2025 and 2024 are as follows: | | | | | | (in thousands) | Balance as of January 1, 2025 | | $ | 2,658 | Adjustment to goodwill, acquisition price allocation of Conductive Transfers | | | (232) | Adjustment to goodwill, foreign currency exchange rate changes | | | 200 | Balance as of June 30, 2025 | | $ | 2,626 |
| | | | | | (in thousands) | Balance as of January 1, 2024 | | $ | 2,461 | Adjustment to goodwill, foreign currency exchange rate changes | | | (23) | Balance as of June 30, 2024 | | $ | 2,438 |
Accrued liabilities consisted of the following: | | | | | | | | | June 30, | | December 31, | | | 2025 | | 2024 | | Accrued liabilities | | (in thousands) | Accrued wages and benefits | | $ | 144 | | $ | 194 | Accrued vacation | | | 141 | | | 146 | Other accrued liabilities | | | 27 | | | 37 | Total accrued liabilities | | $ | 312 | | $ | 377 |
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