Inventory consists of the following (in thousands):


	March 31,		December 31,
	2024		2023
Work in process	$	6,654	$	4,795
Finished goods		4,417		4,723
Total inventory	$	11,071	$	9,518

Property and equipment, net consists of the following (in thousands):


	March 31,			December 31,
	2024			2023
Machinery, Computer equipment and software	$	2,576		$	2,759
Leasehold improvements		94			94
Furniture		38			36
Total property and equipment		2,708			2,889
Less: accumulated depreciation		(2,299	)		(2,367	)
Total property and equipment, net	$	409		$	522

The Company recorded $0.1 million of depreciation expense for each of the three months ended March 31, 2024 and 2023.

Goodwill as of March 31, 2024 and December 31, 2023 was $0.9 million and $0.9 million, respectively. Goodwill is tested for impairment annually as of December 31 or more frequently on a reporting unit basis when events or changes in circumstances indicate that impairment may have occurred. The Company is not aware of any events or circumstances indicating impairment of goodwill during the period.

Changes in the carrying amount of goodwill for the three months ended March 31, 2024 are as follows (in thousands):


	Total
Goodwill at December 31, 2023	$	891
Adjustments		—
Goodwill at March 31, 2024	$	891

Intangible assets, except goodwill consist of the following (in thousands):


	March 31,
	2024
Acquired intellectual property	$	1,090
Total finite-lived intangible assets		1,090
Less: accumulated amortization		(82	)
Total finite-lived intangible assets, net	$	1,008

The amortization expenses of intangible assets were $27,000 and nil as of March 31, 2024 and 2023, respectively.

Acquired intellectual property is amortized over 10 years of its useful life. As of March 31, 2024, expected amortization expense for the unamortized intangible assets for the next five years and thereafter is as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2024	$	82
2025		109
2026		109
2027		109
2028		109
Thereafter		490
Total	$	1,008

Accrued liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2024		2023
Payroll-related expenses	$	1,326	$	983
Taxes payable		1,256		468
Accrued inventory		254		401
Engineering service		196		199
Accrued warranty		178		180
Professional fees		108		23
Other		33		68
Total accrued liabilities	$	3,351	$	2,322

Customer deposits represent payments received in advance of shipments and fluctuate depending on timing of customer pre-payments and product shipment. Customer deposits were $0.8 million and $1.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company generally expects to recognize revenue from customer deposits during the three month period immediately following the balance sheet date. During the three months ended March 31, 2024, the Company recognized $1.4 million of revenue from the December 31, 2023 customer deposits balance.