General form of registration statement for all companies including face-amount certificate companies

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

v3.21.2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES    
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The following table summarizes the Company’s components of accrued expenses and other current liabilities (in thousands):

    

March 31, 

December 31, 

    

2021

2020

Professional services

$

3,519

$

2,508

Compensation and benefits related

 

3,516

 

2,068

Warranty reserve

1,813

1,553

Inventory purchases

 

1,716

 

86

Income tax payable

1,405

Customer payable

605

Sales and use and franchise taxes

506

586

Franchise and royalty fees

 

188

 

159

Other

 

2,056

 

605

Total accrued expenses and other current liabilities

$

15,324

$

7,565

As of March 31, 2021, and December 31, 2020, the Company has recorded $1.8 million and $1.6 million, respectively, of warranty reserve within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Warranty reserve consisted of the following (in thousands):

    

2021

2020

Warranty reserve, at the beginning of the period

$

1,553

$

1,491

Warranty reserve assumed in acquisition

326

Additions to warranty reserve

 

86

 

346

Claims fulfilled

 

(152)

 

(284)

Warranty reserve, at the end of the period

$

1,813

$

1,553

12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The following table summarizes the Company’s components of accrued expenses and other current liabilities (in thousands):

December 31, 

    

2020

    

2019

Professional services

$

2,508

$

780

Compensation and benefits related

 

2,068

 

897

Warranty reserve

1,553

1,491

Sales and use and franchise taxes

586

578

Franchise and royalty fees

 

159

 

Inventory purchases

 

86

 

620

Other

 

605

 

687

Total accrued expenses and other current liabilities

$

7,565

$

5,053