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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SCHEDULE OF INVENTORIES

Inventories are as follows as of December 31:

 

 

   2024   2023 
Raw materials  $21,122   $20,863 
Work in process   892    1,033 
Finished goods   1,070    934 
Reserves   (1,446)   (1,170)
Total  $21,638   $21,660 
SCHEDULE OF ESTIMATED USEFUL LIVES

    (in years)
Building   39
Leasehold improvements   3 - 15
Manufacturing equipment   3 - 7
Office and other equipment   3 - 7
SCHEDULE OF PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2024 and 2023:

 

   2024   2023 
Land  $148   $148 
Building and leasehold improvements   6,027    6,041 
Manufacturing equipment   20,807    19,877 
Office and other equipment   6,523    7,385 
Accumulated depreciation and amortization   (27,273)   (26,938)
Total property and equipment, net  $6,232   $6,513 
SCHEDULE OF CONTRACT ASSETS

Contract assets, recorded as such in the consolidated balance sheets, consist of unbilled amounts related to net sales recognized over time. Changes in the contract assets balance during the years ended December 31, 2024 and 2023 were as follows:

 

SCHEDULE OF CONTRACT ASSETS

Balance outstanding as of December 31, 2022  $9,982 
Increase (decrease) attributed to:     
Amounts transferred over time to contract assets   110,195 
Allowance for current expected credit losses   (12)
Amounts invoiced during the period   (105,684)
Balance outstanding as of December 31, 2023  $14,481 
Increase (decrease) attributed to:     
Amounts transferred over time to contract assets   97,724 
Allowance for current expected credit losses   4 
Amounts invoiced during the period   (98,417)
Balance outstanding as of December 31, 2024  $13,792 
SCHEDULE OF NET SALES BY MARKET

The following tables summarize our net sales by market for the years ended December 31, 2024 and 2023:

 

 

   Product/ Service Transferred
Over Time
   Product Transferred at Point in Time   Noncash Consideration   Total Net Sales by Market 
   Year Ended December 31, 2024 
   Product/ Service Transferred
Over Time
   Product Transferred at Point in Time   Noncash Consideration   Total Net Sales by Market 
Medical Device  $24,085   $7,487   $3,064   $34,636 
Medical Imaging   29,362    8,104    26    37,492 
Industrial   25,652    8,620    1,245    35,517 
Aerospace and Defense   18,625    1,658    205    20,488 
Total net sales  $97,724   $25,869   $4,540   $128,133 

 

   Product/ Service Transferred
Over Time
   Product Transferred at Point in Time   Noncash Consideration   Total Net Sales by Market 
   Year Ended December 31, 2023 
   Product/ Service Transferred
Over Time
   Product Transferred at Point in Time   Noncash Consideration   Total Net Sales by Market 
Medical Device  $28,359   $8,095   $2,304   $38,758 
Medical Imaging   32,147    7,704    57    39,908 
Industrial   31,384    7,403    1,326    40,113 
Aerospace and Defense   18,305    1,847    401    20,553 
Total net sales  $110,195   $25,049   $4,088   $139,332