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Note 5 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2020

Supplemental Balance Sheet Disclosures [Text Block]

Note 5 - Supplemental Balance Sheet Information

a. Cash and Restricted Cash

The Company had cash and restricted cash totaling $10,653 and $7,405 as of December 31, 2020 and 2019, respectively.

	December 31,
	2020		2019
Cash	$	10,562	$	7,135
Restricted cash		91		270
Total	$	10,653	$	7,405

As of December 31, 2020 and December 31, 2019, restricted cash included $91 and $82, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. As of December 31, 2019, restricted cash included $188 for a government grant awarded in the People’s Republic of China to fund specified technological research and development initiatives. The grant proceeds are realized as a direct offset to qualifying expenditures as incurred. For the year ended December 31, 2020, grant proceeds of approximately $188 were used to fund qualifying capital expenditures and material and labor costs incurred. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.

b. Inventory, Net

Inventories are stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:

	December 31,
	2020		2019
Raw materials	$	17,277	$	18,485
Work in process		3,411		2,548
Finished products		7,505		8,726
Total	$	28,193	$	29,759

c. Property, Plant and Equipment

Major classes of property, plant and equipment consisted of the following:

	December 31,
	2020			2019
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,393			15,386
Machinery and equipment		61,048			55,058
Furniture and fixtures		2,235			2,194
Computer hardware and software		6,894			6,712
Construction in progress		1,227			4,730
		88,070			85,353
Less – Accumulated depreciation		(65,220	)		(62,828	)
Total	$	22,850		$	22,525

Depreciation expense was $2,340 and $2,220 for the years ended December 31, 2020 and 2019, respectively.

d. Goodwill and Other Intangible Assets

The Company conducted its annual impairment test for goodwill and other indefinite-lived intangible assets as of October 1, 2020. We identified five goodwill reporting units and four indefinite-lived intangible assets. We performed a quantitative impairment assessment of each goodwill reporting unit and indefinite-lived intangible asset. Based on the results of our quantitative impairment tests, and consideration of qualitative factors as of our test date and December 31, 2020, no impairments were identified.

The following table summarizes the goodwill activity by segment for the years ended December 31, 2020 and 2019:

	Battery & Energy Products		Communications Systems		Total
Balance – January 1, 2019	$	8,616	$	11,493	$	20,109
Acquisition of SWE		6,534		-		6,534
Effect of foreign currency translation		110		-		110
Balance – December 31, 2019		15,260		11,493		26,753
Effect of foreign currency translation		265		-		265
Balance – December 31, 2020	$	15,525	$	11,493	$	27,018

The composition of intangible assets was:

	December 31, 2020,
	Cost		Accumulated amortization		Net
Trademarks	$	3,410	$	-	$	3,410
Customer relationships		9,171		5,115		4,056
Patents and technology		5,557		5,014		543
Distributor relationships		377		377		0
Trade name		1,524		324		1,200
Total other intangible assets	$	20,039	$	10,830	$	9,209

	December 31, 2019,
	Cost		Accumulated amortization		Net
Trademarks	$	3,403	$	-	$	3,403
Customer relationships		9,080		4,721		4,359
Patents and technology		5,521		4,869		652
Distributor relationships		377		377		-
Trade name		1,511		204		1,307
Total other intangible assets	$	19,892	$	10,171	$	9,721

The change in the cost value of other intangible assets is a result of foreign currency translation effects.

Amortization of other intangible assets was included in the following financial statement captions:

	Year ended December 31,
	2020		2019
Research and development expense	$	124	$	130
Selling, general and administrative expense		471		395
Total	$	595	$	525

Future amortization expense of amortizable intangible assets will be approximately $352, $337, $334, $324 and $324 for the five fiscal years ending December 31, 2021 through 2025, respectively.