| Details of Certain Financial Statement Components |
Note 2 – Details of Certain Financial Statement Components The following tables provide details of selected balance sheet items: | | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | | Accounts receivable, net | | (in thousands) | Accounts receivable, gross | | $ | 1,593 | | $ | 1,646 | Allowance for expected credit losses | | | (51) | | | (34) | Accounts receivable, net | | $ | 1,542 | | $ | 1,612 |
| | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | | Inventories | | (in thousands) | Raw materials | | $ | 1,344 | | $ | 1,608 | Work-in-process | | | 204 | | | 179 | Finished goods | | | 253 | | | 222 | Total inventories | | $ | 1,801 | | $ | 2,009 |
| | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | | Property, plant and equipment, net | | (in thousands) | Furniture, machinery and equipment | | $ | 2,243 | | $ | 1,972 | Leasehold improvements | | | 527 | | | 500 | | | | 2,770 | | | 2,472 | Less: accumulated depreciation | | | (2,296) | | | (2,061) | Total property, plant and equipment, net | | $ | 474 | | $ | 411 |
Depreciation expense totaled $191,000 and $140,000 in 2025 and 2024, respectively. | | | | | | | | | | | | | | | | | | | | | | | Weighted | | December 31, 2025 | | December 31, 2024 | | | Average | | Gross | | | | | Net | | Gross | | | | | Net | | | Amortization | | Carrying | | Accumulated | | Carrying | | Carrying | | Accumulated | | Carrying | | | Period | | Amount | | Amortization | | Amount | | Amount | | Amortization | | Amount | | Intangible assets, net | | (in thousands) | Patents, tradenames, and trademarks | | 5 Years | | $ | 948 | | $ | (817) | | $ | 131 | | $ | 931 | | $ | (751) | | $ | 180 | Developed technology | | 3.5 Years | | | 654 | | | (504) | | | 150 | | | 536 | | | (296) | | | 240 | Customer relationships | | 6 Years | | | 1,525 | | | (761) | | | 764 | | | 1,427 | | | (493) | | | 934 | Non-compete agreements | | 4 Years | | | 981 | | | (693) | | | 288 | | | 916 | | | (425) | | | 491 | Order backlog | | 0.5 Years | | | — | | | — | | | — | | | 22 | | | (22) | | | — | In-process research and development | | Indefinite | | | — | | | — | | | — | | | 29 | | | — | | | 29 | Total intangible assets, net | | | | $ | 4,108 | | $ | (2,775) | | $ | 1,333 | | $ | 3,861 | | $ | (1,987) | | $ | 1,874 |
Amortization expense totaled $716,000 and $752,000 in 2025 and 2024, respectively. Future amortization on existing intangible assets over the next five years and thereafter is as follows: | | | | Years ending December 31, | | (in thousands) | 2026 | | $ | 597 | 2027 | | | 375 | 2028 | | | 291 | 2029 | | | 70 | 2030 | | | — | Thereafter | | | — | | | $ | 1,333 |
The changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 are as follows: | | | | | | (in thousands) | Balance as of December 31, 2023 | | $ | 2,461 | Goodwill acquired in acquisition of Conductive Transfers | | | 232 | Adjustment to goodwill, foreign currency exchange rate changes | | | (35) | Balance as of December 31, 2024 | | | 2,658 | Adjustment to goodwill, acquisition price allocation of Conductive Transfers | | | (232) | Adjustment to goodwill, foreign currency exchange rate changes | | | 160 | Balance as of December 31, 2025 | | $ | 2,586 |
| | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | | Accrued liabilities | | (in thousands) | Accrued wages and benefits | | $ | 185 | | $ | 194 | Accrued vacation | | | 113 | | | 146 | Accrued other liabilities | | | 32 | | | 37 | Total accrued liabilities | | $ | 330 | | $ | 377 |
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