Historically, the Company organized its operations into two reportable business segments: Identity and Premises. The Identity segment included products and solutions that enabled secure access to information serving the logical access and cyber-security market, and protected connected objects and information using RFID embedded security. The Premises segment included the Company's solutions to address the premises security market for government and enterprise, including access control, video surveillance, analytics, audio, access readers and identities.

As disclosed in Note 1, Basis of Presentation and Note 3, Discontinued Operations, in the second quarter of 2024, the Company entered into an agreement to sell its Physical Security Business. The Company determined that the Physical Security Business met the “held for sale” criteria and the “discontinued operations” criteria in accordance with ASC 205 as of June 30, 2024. As a result, the Company has one reportable segment remaining: the IoT Business segment.

The IoT Business segment develops, manufactures, and supplies specialty Internet of Things ("IoT") solutions tailored for the healthcare industry and other high-value end markets. The Company's specialty RFID IoT devices are attached to or embedded into physical items, providing those items with a unique digital identity. The Company sells its products across multiple industries, focusing on pharmaceutical and medical devices, consumer electronics, mobile devices, wine and spirits, luxury goods, libraries, and logistics.

Geographic Information

Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Americas	$	3,386		$	7,948		$	6,344		$	14,336
Europe and the Middle East		2,068			797			4,606			2,241
Asia-Pacific		1,287			2,731			2,449			3,788
Total	$	6,741		$	11,476		$	13,399		$	20,365

As percentage of net revenue:
Americas		50	%		69	%		47	%		70	%
Europe and the Middle East		31	%		7	%		34	%		11	%
Asia-Pacific		19	%		24	%		19	%		19	%
Total		100	%		100	%		100	%		100	%

Two customers accounted for 18% and 11%, respectively, of net revenue for the three months ended June 30, 2024. Two customers accounted for 12% and 10%, respectively, of net revenue for the six months ended June 30, 2024. One customer accounted for 36% and 34% of net revenue for the three and six months ended June 30, 2023, respectively. One customer accounted for 16% of net accounts receivable as of June 30, 2024. Two customers accounted for 29% and 13%, respectively, of net accounts receivable as of December 31, 2023.

Long-lived assets by geographic location as of June 30, 2024 and December 31, 2023 are as follows (in thousands):


	June 30, 2024		December 31, 2023
Property and equipment, net:
Americas	$	53	$	65
Europe and the Middle East		330		355
Asia-Pacific		7,286		8,052
Total property and equipment, net	$	7,669	$	8,472

Operating lease ROU assets:
Americas	$	—	$	—
Europe and the Middle East		268		371
Asia-Pacific		1,960		1,918
Total operating lease right-of-use assets	$	2,228	$	2,289