XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Accounts Receivables, Net
Accounts receivables, net consist of the following (in thousands):
March 31,December 31,
20222021
Accounts receivable$10,741 $12,088 
Allowance for doubtful accounts(3,207)(3,207)
Accounts receivable, net$7,534 $8,881 
Inventories, Net
Inventories, net of reserve, consist of the following (in thousands):
March 31,December 31,
20222021
Raw materials$7,640 $6,585 
Work-in-process2,893 1,883 
Finished goods1,965 831 
Total inventories$12,498 $9,299 

The raw materials inventory included consigned inventory of $1.8 million and $1.5 million, respectively, as of March 31, 2022 and December 31, 2021.

Prepaid and Other Current Assets
Prepaid and other current assets consist of the following (in thousands):
March 31,December 31,
20222021
Prepaid expenses and deposits$5,458 $7,883 
Due from contract manufacturers and vendors1,132 1,302 
Prepaid taxes1,012 1,223 
Contract assets3,830 3,313 
Other1,658 1,101 
Total prepaid and other current assets$13,090 $14,822 

Property, Plant and Equipment, Net
Property, plant and equipment, at cost, consist of the following (in thousands):
March 31,December 31,
20222021
Machinery and equipment$37,699 $36,264 
Leasehold improvements6,887 6,752 
Furniture and fixtures1,500 1,497 
Vehicles359 359 
Software1,945 1,337 
Assets under construction1,613 1,900 
50,003 48,109 
Less: accumulated depreciation and amortization(35,431)(33,399)
Property, plant and equipment, net$14,572 $14,710 
Finance lease equipment (included in machinery and equipment)$888 $888 
Less: accumulated depreciation(603)(559)
Finance lease equipment, net$285 $329 

The aggregate depreciation and amortization related to property, plant and equipment was as follows (in thousands):

Three Months Ended March 31,
20222021
Depreciation and amortization on property, plant and equipment$2,034 $1,957 
Depreciation on finance lease equipment (included in machinery and equipment)44 44 
Intangible Assets, Net
Intangible assets, net, consist of the following (in thousands):
Gross Carrying AmountAccumulated AmortizationNet Book Value
As of March 31, 2022:
Developed technology$1,696 $1,110 $586 
As of December 31, 2021:
Developed technology$1,696 $972 $724 

Amortization of intangible assets is as follows (in thousands):
Three Months Ended March 31,
20222021
Amortization of intangible assets$138 $96 

Other Assets
Other assets, non-current, consist of the following (in thousands):
March 31,December 31,
20222021
Operating lease ROU assets$16,274 $16,891 
Notes receivable750 750 
Deposits and other730 772 
Total other assets$17,754 $18,413 

In May 2021, the Company entered into a convertible note receivable agreement (the “Note”) with a borrower wherein Velodyne agreed to lend $750,000 at an interest rate of 0% per annum as a nonrecourse investment. The Note is convertible into equity at the election of the borrower or the Company upon occurrence of certain new financing or corporate transactions. The maturity date of the Note is May 11, 2024.

Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
March 31,December 31,
20222021
Accrued payroll expenses$8,383 $13,550 
Accrued manufacturing costs5,963 3,925 
Accrued transaction costs5,000 5,000 
Accrued professional and consulting fees4,474 3,411 
Accrued warranty costs2,152 1,934 
Accrued taxes1,062 1,017 
Lease liabilities2,601 2,623 
Legal proceedings accrual825 825 
Other2,104 3,366 
Total accrued expense and other current liabilities$32,564 $35,651 
Long-Term Liabilities
Long-term liabilities consisted of the following (in thousands):
March 31,December 31,
20222021
Contract liabilities, long-term$11,755 $12,740 
Lease liabilities, long-term14,624 15,210 
Other1,022 661 
Total long-term liabilities$27,401 $28,611