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Summary Accounting Policies and Recent Accounting Pronouncements (Tables)
6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Balances of Contract Liabilities

The Company recognizes a contract liability when a customer pays for goods or services for which the Company has not yet transferred control. The balances of the Company’s contract liabilities are as follows:

 

 

June 30,

 

 

December 31,

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Total contract liabilities - extended service contracts

 

$

1,089

 

 

$

920

 

Less: long-term portion

 

 

243

 

 

 

302

 

Contract liabilities – current

 

$

846

 

 

$

618

 

Schedule of Revenues Disaggregated by Segment and Timing of Goods and Services Transferred

The following table provides information regarding disaggregated revenues and the timing of when goods and services are transferred:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(in thousands)

 

Product revenue recognized at a point in time

 

$

7,941

 

 

$

8,617

 

 

$

14,671

 

 

$

17,141

 

Service revenue recognized over time

 

 

373

 

 

 

146

 

 

 

690

 

 

 

300

 

Total revenue

 

$

8,314

 

 

$

8,763

 

 

$

15,361

 

 

$

17,441

 

No individual customer accounted for more than 10% of sales for the three and six months ended June 30, 2024 and 2023.

Schedule of Reconciliation of Change in Estimated Warranty Liabilities

The following table provides a reconciliation of the change in estimated warranty liabilities for the six months ended June 30, 2024 and 2023:

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(in thousands)

 

Balance at beginning of period

$

1,042

 

 

$

1,757

 

 

$

1,269

 

 

$

1,930

 

Provision for warranties issued

 

243

 

 

 

205

 

 

 

443

 

 

 

400

 

Changes in estimate of pre-existing warranty

 

(112

)

 

 

 

 

 

(112

)

 

 

 

Warranty costs incurred

 

(419

)

 

 

(383

)

 

 

(846

)

 

 

(751

)

Balance at end of period

$

754

 

 

$

1,579

 

 

$

754

 

 

$

1,579

 

Current portion

 

 

 

 

 

 

$

705

 

 

$

1,302

 

Non-current portion

 

 

 

 

 

 

 

49

 

 

 

277

 

Total

 

 

 

 

 

 

$

754

 

 

$

1,579