Annual report [Section 13 and 15(d), not S-K Item 405]

Balance Sheet Components

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Balance Sheet Components
 12 Months Ended
Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]  
Balance Sheet Components Balance Sheet Components
Prepaid and Other Current Assets
Prepaid and other current assets consisted of the following (in thousands):
December 31,
2024		 December 31,
2023
At-the-market receivables settled on January 1, 2025
 $ 1,404  $ — 
Prepaid fixed asset
 750  — 
License fees
 78  158 
Prepaid insurance
 68  26 
Prepaid rent
 53  277 
Hudson warrant
 —  86 
Other 56  181 
Total $ 2,409  $ 728 
Note Receivable
On May 10, 2024, the Company and RamPro Construction and HDD, LLC (the "Borrower") executed a Senior Secured Promissory Note (the “May Note”). The Company promised to lend $0.2 million to the Borrower. The May Note bears interest at a rate of 5% per annum, calculated on a 360-day year basis, with interest payable upon maturity. The principal and accrued interest are due on May 25, 2025. The balance of the May Note as of December 31, 2024 was $0.1 million.
The May Note is secured by all personal property and assets of the Borrower granting the Company a first priority security interest in these assets. In the event of default, the Company has the right to declare the unpaid balance immediately due and payable and pursue remedies available to a secured party under the Uniform Commercial Code. Events of default include non-payment of principal or interest, and the bankruptcy or insolvency of the Borrower. The Company evaluates the collectibility of the note receivable regularly and maintains a provision for credit losses based on historical experience, current conditions, and reasonable forecasts. As of December 31, 2024, no allowance for expected credit losses had been deemed necessary for the May Note.
Property and Equipment, net
Property and equipment, net, consisted of the following (in thousands):
December 31,
2024		 December 31,
2023
Equipment $ 7,603  $ 3,155 
Vehicles 2,059  395 
Leasehold improvements 369  362 
Construction-in-progress 31  77 
Computers 67  56 
Furniture and fixtures 4  3 
Total 10,133  4,048 
Less: accumulated depreciation (1,797) (919)
Property and equipment, net $ 8,336  $ 3,129 
Depreciation expense for the years ended December 31, 2024 and 2023 was $0.9 million and $0.5 million, respectively.
Intangible Assets, net
Intangible assets, net, consists of the following (in thousands):
December 31,
2024		 December 31,
2023
Patents $ 1,800  $ 1,800 
Research license 375  375 
Customer relationships 3  4 
Total 2,178  2,179 
Less: accumulated amortization (1,018) (797)
Intangible assets, net $ 1,160  $ 1,382 
The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter as of December 31, 2024 (in thousands):
Estimated
Amortization
Expense
2025 $ 221 
2026 183 
2027 180 
2028 181 
2029 180 
Thereafter 215 
Total $ 1,160 
For the years ended December 31, 2024 and 2023, amortization expense was approximately $0.2 million and $0.2 million, respectively. As of December 31, 2024, the remaining weighted-average amortization period for acquired intangible assets was 6.1 years.
Deferred Issuance Costs
Deferred issuance costs consist of the following (in thousands):
December 31,
2024		 December 31,
2023
Standing letter of credit $ 150  $ 150 
Equity line of credit 554  554 
Line of credit 9,943  9,943 
Total 10,647  10,647 
Accumulated amortization (10,647) (9,341)
Deferred issuance costs $ -  $ 1,306 
During the years ended December 31, 2024 and 2023, the Company recorded amortization expense related to deferred issuance costs of $1.3 million and $9.3 million, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
December 31,
2024		 December 31,
2023
Bonus $ 1,170  1,000 
At-the-market offering payable
 1,130  — 
Payroll and related expense 1,079  112 
Accrued project costs 522  — 
Professional fees 341 — 
Other expenses 534  82 
Total $ 4,776  $ 1,194