Beam Global (BEEM) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38868
Entity Registrant Name	Beam Global
Entity Central Index Key	0001398805
Entity Tax Identification Number	26-1342810
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5660 Eastgate Dr.
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	799-4583
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	BEEM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,621,141

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 8,749	$ 10,393
Accounts receivable, net of allowance for credit losses of $378 and $447	12,678	15,943
Prepaid expenses and other current assets	2,006	2,453
Inventory, net	12,841	11,933
Total current assets	36,274	40,722
Property and equipment, net	14,894	16,513
Operating lease right of use assets	2,038	1,026
Goodwill	10,116	10,270
Intangible assets, net	8,486	9,050
Deposits	106	62
Total assets	71,914	77,643
Current liabilities
Accounts payable	8,028	9,732
Accrued expenses	4,440	2,737
Sales tax payable	554	209
Deferred revenue, current	918	828
Note payable, current	45	40
Deferred consideration, current	0	2,713
Contingent consideration, current	5,365	0
Operating lease liabilities, current	881	615
Total current liabilities	20,231	16,874
Deferred revenue, noncurrent	594	402
Note payable, noncurrent	246	160
Contingent consideration, noncurrent	892	4,725
Other liabilities, noncurrent	3,689	3,787
Deferred tax liabilities, noncurrent	1,652	1,698
Operating lease liabilities, noncurrent	1,213	455
Total liabilities	28,517	28,101
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of June 30, 2024 and December 31, 2023.	0	0
Common stock, $0.001 par value, 350,000,000 shares authorized, 14,608,342 and 14,398,243 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.	14	14
Additional paid-in-capital	144,497	142,265
Accumulated deficit	(101,314)	(93,361)
Accumulated Other Comprehensive Income (AOCI)	200	624
Total stockholders' equity	43,397	49,542
Total liabilities and stockholders' equity	$ 71,914	$ 77,643

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for credit losses	$ 378	$ 447
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	14,608,342	14,398,243
Common stock, shares outstanding	14,608,342	14,398,243

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 14,812	$ 17,819	$ 29,373	$ 30,839
Cost of revenues	12,456	17,318	25,538	30,333
Gross profit	2,356	501	3,835	506
Operating expenses	7,147	4,042	11,674	7,888
Loss from operations	(4,791)	(3,541)	(7,839)	(7,382)
Other income (expense)
Interest income	38	24	109	25
Other (expense) income	(149)	1	(205)	11
Interest expense	(14)	(2)	(18)	(2)
Other income	(125)	23	(114)	34
Loss before income tax expense	(4,916)	(3,518)	(7,953)	(7,348)
Income tax expense	0	12	0	13
Net loss	(4,916)	(3,530)	(7,953)	(7,361)
Net foreign currency translation adjustments	(95)	0	(424)	0
Total Comprehensive Loss	$ (5,011)	$ (3,530)	$ (8,377)	$ (7,361)
Net loss per share - basic	$ (0.34)	$ (0.32)	$ (0.55)	$ (0.69)
Net loss per share - diluted	$ (0.34)	$ (0.32)	$ (0.55)	$ (0.69)
Weighted average shares outstanding - basic	14,533	10,990	14,486	10,604
Weighted average shares outstanding - diluted	14,533	10,990	14,486	10,604

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2022	$ 10	$ 100,498	$ (77,301)	$ 0	$ 23,207
Beginning balance, shares at Dec. 31, 2022	10,178
Stock issued for director services - vested		76			76
Stock issued for director services - vested, shares	6
Stock issued to (released from) escrow account - unvested
Stock issued to (released from) escrow account - unvested, shares	(6)
Stock-based compensation to consultants		1,704			1,704
Stock-based compensation to consultants, shares	6
Employee stock-based compensation expense		438			438
Warrants exercised for cash		100			100
Warrants exercised for cash, shares	16
Sale of stock under Committed Equity Facility		158			158
Sale of stock under Committed Equity Facility, shares	38
Net loss			(3,831)		(3,831)
Ending balance, value at Mar. 31, 2023	$ 10	102,974	(81,132)	0	21,852
Ending balance, shares at Mar. 31, 2023	10,238
Beginning balance, value at Dec. 31, 2022	$ 10	100,498	(77,301)	0	23,207
Beginning balance, shares at Dec. 31, 2022	10,178
Net loss					(7,361)
Ending balance, value at Jun. 30, 2023	$ 14	138,002	(84,662)	0	53,354
Ending balance, shares at Jun. 30, 2023	13,941
Beginning balance, value at Mar. 31, 2023	$ 10	102,974	(81,132)	0	21,852
Beginning balance, shares at Mar. 31, 2023	10,238
Stock issued for director services - vested		148			148
Stock issued for director services - vested, shares	12
Stock issued to (released from) escrow account - unvested
Stock issued to (released from) escrow account - unvested, shares	6
Settlement of earnout related to acquisition	$ 1	7,050			7,051
Settlement of earnout related to acquisition, shares	447
Employee stock-based compensation expense		427			427
Warrants exercised for cash		26			26
Warrants exercised for cash, shares	4
Sale of stock under Committed Equity Facility		1,956			1,956
Proceeds from issuance of common stock, pursuant to public offering, shares	3,063
Sale of stock under Committed Equity Facility, shares	171
Net loss			(3,530)		(3,530)
Proceeds from issuance of common stock, pursuant to public offering	3	25,421			25,424
Ending balance, value at Jun. 30, 2023	$ 14	138,002	(84,662)	0	53,354
Ending balance, shares at Jun. 30, 2023	13,941
Beginning balance, value at Dec. 31, 2023	$ 14	142,265	(93,361)	624	49,542
Beginning balance, shares at Dec. 31, 2023	14,398
Stock issued for director services - vested		6			6
Stock issued for director services - vested, shares	0
Stock issued to (released from) escrow account - unvested
Stock issued to (released from) escrow account - unvested, shares	0
Employee stock-based compensation expense		468			468
Warrants exercised for cash		252			252
Warrants exercised for cash, shares	40
Impact of foreign currency translation				(329)	(329)
Net loss			(3,037)		(3,037)
Ending balance, value at Mar. 31, 2024	$ 14	142,991	(96,398)	295	46,902
Ending balance, shares at Mar. 31, 2024	14,438
Beginning balance, value at Dec. 31, 2023	$ 14	142,265	(93,361)	624	49,542
Beginning balance, shares at Dec. 31, 2023	14,398
Net loss					(7,953)
Ending balance, value at Jun. 30, 2024	$ 14	144,497	(101,314)	200	43,397
Ending balance, shares at Jun. 30, 2024	14,608
Beginning balance, value at Mar. 31, 2024	$ 14	142,991	(96,398)	295	46,902
Beginning balance, shares at Mar. 31, 2024	14,438
Stock issued for director services - vested		6			6
Stock issued for director services - vested, shares	0
Stock issued to (released from) escrow account - unvested
Stock issued to (released from) escrow account - unvested, shares	0
Employee stock-based compensation expense		446			446
Warrants exercised for cash		558			558
Warrants exercised for cash, shares	88
Sale of stock under Committed Equity Facility		496			496
Sale of stock under Committed Equity Facility, shares	82
Net loss			(4,916)		(4,916)
Impact of foreign currency translation				(95)	(95)
Ending balance, value at Jun. 30, 2024	$ 14	$ 144,497	$ (101,314)	$ 200	$ 43,397
Ending balance, shares at Jun. 30, 2024	14,608

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net loss	$ (7,953)	$ (7,361)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,916	691
Provision on credit losses	(70)	0
Common stock issued for services	0	224
Change in fair value of contingent consideration liabilities	1,532	260
Employee stock-based compensation	1,088	865
Disposal of property and equipment	43	0
Amortization of operating lease right of use asset	409	0
Abandoned patent costs	75	0
Stock Compensation expense for non-employees	0	142
(Increase) decrease in:
Accounts receivable	3,279	(5,993)
Prepaid expenses and other current assets	277	276
Inventory	(957)	36
Deposits	(44)	0
Increase (decrease) in:
Accounts payable	(1,653)	4,305
Accrued expenses	1,710	1,878
Operating lease liability	(397)	0
Sales tax payable	346	(18)
Deferred revenue	296	(367)
Other long term liabilities	6	0
Net cash used in operating activities	(97)	(5,062)
Investing Activities:
Purchase of property and equipment	(240)	(521)
Payment of Deferred Consideration	(2,713)	0
Funding of patent costs	0	(80)
Net cash used in investing activities	(2,953)	(601)
Financing Activities:
Proceeds from sale of common stock under committed equity facility, net of offering costs	495	2,114
Proceeds from warrant exercises	810	126
Borrowings of note payable	91	0
Proceeds from issuance of common stock, pursuant to public offering	0	25,424
Net cash provided by financing activities	1,396	27,664
Effect of exchange rate changes	10	0
Net (decrease) increase in cash	(1,644)	22,001
Cash at beginning of period	10,393	1,681
Cash at end of period	8,749	23,682
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	18	2
Cash paid for taxes	0	13
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Fair value of common stock issued as consideration for business combination	0	7,051
Purchase of property and equipment by incurring debt	0	218
Purchase of property and equipment by incurring current liabilities	240	0
Right-of-use assets obtained in exchange for lease liabilities	1,421	0
Issuance of stock for Committed Equity Line	0	121
Warrants issued for services to non-employee	0	1,609
Shares issued for services to non-employee	$ 0	$ 95

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (4,916)	$ (3,037)	$ (3,530)	$ (3,831)	$ (7,953)	$ (7,361)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF OPERATIONS, BASIS OF

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Beam is a sustainable technology innovation company based in San Diego, California; Broadview, Illinois; Belgrade and Kraljevo, Serbia. We develop, design, engineer, manufacture and sell high-quality, renewably energized infrastructure products for electric vehicle (“EV”) charging, energy security and disaster preparedness. We also manufacture highly energy-dense battery solutions in safe, compact and unique form-factors. Additionally, we manufacture street lighting, communications and energy infrastructure products. Beam’s products enable vital and highly valuable energy production in locations where it is either too expensive or too impactful to connect to the utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. Beam’s energy storage products provide high energy density in a safe, compact and bespoke form-factors ideal for the rapidly increasing numbers of mobile and stationary equipment and products which require electrical energy without being connected to the electrical grid. Beam’s products and proprietary technology solutions target markets that are experiencing significant growth with annual global spending in the billions of dollars: · electric vehicle (EV) charging infrastructure; · energy storage solutions; · energy security and disaster preparedness; and · transportation infrastructure products. Basis of Presentation The interim unaudited condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In management’s opinion, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly our results of operations and cash flows for the three months and six months ending June 30, 2024 and 2023, and our financial position as of June 30, 2024, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2023. The December 31, 2023 balance sheet is derived from those statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the allowance for certain expected credit losses (CECL), valuation of inventory and standard cost allocations, depreciable lives of property and equipment, valuation of contingent consideration liability, valuation of intangible assets, estimates of loss contingencies, estimates of the valuation of lease liabilities and the related right of use assets, valuation of share-based costs, and the valuation allowance on deferred tax assets. Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s disclosure update and simplification initiative issued in August 2018. The effective date for the amendments for each topic will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoptions prohibited.   In December 2023, the FASB issued ASU No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures Concentrations Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable. The Company maintains its cash in banks and financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through June 30, 2024. As of June 30, 2024, approximately $ 8.1 Major Customers The Company continually assesses the financial strength of its customers. We are not aware of any material credit risks associated with our customers. 69 31 21 11 10 25 10 22 13 10 11 10 10 10 69 86 Fair Value Measurement The Company follows the authoritative guidance that establishes a formal framework for measuring fair values of assets and liabilities in the consolidated financial statements that are already required by generally accepted accounting principles to be measured at fair value. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The transaction is based on a hypothetical transaction in the principal or most advantageous market considered from the perspective of the market participant that holds the asset or owes the liability. The Company utilizes market data or assumptions that market participants who are independent, knowledgeable, and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The guidance establishes a formal fair value hierarchy based on the inputs used to measure fair value. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to level 3 measurements, and accordingly, Level 1 measurement should be used whenever possible. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities or published net asset value for alternative investments with characteristics similar to a mutual fund. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. The methods used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes its valuation methods are appropriate, the fair value of certain financial instruments could result in a difference fair value measurement at the reporting date. There were no changes in the Company’s valuation methodologies from the prior year. For purpose of this disclosure, the carrying amounts for financial assets and liabilities such as cash and cash equivalents, accounts receivable – trade, other prepaid expenses and current assets, accounts payable and other current liabilities, all approximate fair value due to their short-term nature as of June 30, 2024. The Company had Level 3 liabilities as of June 30, 2024. There were no transfers between levels during the reporting period. Schedule of contingent consideration Level 1 Level 2 Level 3 Contingent Consideration as of December 31, 2023 $ – $ – $ 4,725 Additions – – – Change in fair value – – 1,532 Contingent Consideration as of June 30, 2024 $ – $ – $ 6,257 Significant Accounting Policies During the six months ended June 30, 2024, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2023. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per share of common stock is computed using the weighted average number of common stock outstanding for the period, and, if dilutive, potential common stock outstanding during the period. Potential common stock outstanding consists of shares of common stock issuable upon the exercise of stock options, stock warrants, or other common stock equivalents. Potentially common stock outstanding are excluded from the computation if their effect is anti-dilutive. Options to purchase 594,558 200,000 354,498 620,105 Segments The Company assesses its segment reporting based on how it internally manages and reports the results of its business to its chief operating decision maker. Management reviews financial results, manages the business and allocates resources on an aggregate basis. Therefore, financial results are reported in a single operating segment.

LIQUIDITY

LIQUIDITY	6 Months Ended
	Jun. 30, 2024
Liquidity
LIQUIDITY	2. LIQUIDITY The Company had net losses of $ 8 4.2 7.4 2.1 0.1 5.1 8.7 16 12.7 In 2022, the Company entered into a Common Stock Purchase Agreement and Registration Rights Agreement with B. Riley Principal Capital II, LLC (“B. Riley”) under which the Company has the right, but not the obligation, to sell up to $30.0 million worth of shares, but in any event, no more than 2.0 million shares of its common stock over a period of 24 months in its sole discretion (see note 11 for further information). The Company has issued 281,157 3 1,718,843 27 The Company’s outstanding warrants generated $ 0.8 0.1 200,000 17.00 In March 2023, the Company entered into a supply chain line of credit agreement with OCI Group for up to $100 million to further support our working capital requirements. Subject to the terms of the agreement, OCI Group will make available to the Company funding based on amounts owed to the Company by its customers. To date, the Company has not borrowed against this line of credit. Although the Company believes that it will become profitable in the next few years as our revenues continue to grow, we improve our gross margins and we leverage our overhead costs, we expect to continue to incur losses for a period of time. If necessary, the Company may raise additional capital to finance its future operations through equity or debt financings. There is no guarantee that profitable operations will be achieved, or that additional capital or debt financing will be available on a timely basis, on favorable terms, or at all, and such funding, if raised, may not be sufficient to meet our obligations or enable us to continue to implement our long-term business strategy. In addition, obtaining additional funding or entering into other strategic transactions could result in significant dilution to our stockholders.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS COMBINATION	3. BUSINESS COMBINATION Amiga DOO Kraljevo On October 20, 2023, the Company acquired Amiga DOO Kraljevo (“Amiga”), pursuant to a Share Sale and Purchase Agreement dated October 6, 2023 (the “Purchase Agreement”) by and among the Company and the owners of Amiga (the “Sellers”). Pursuant to the terms of the Purchase Agreement, the Company acquired all the equity stock of Amiga from the Sellers in exchange for cash and common stock. With respect to the cash portion of the purchase price, the Company paid to the Sellers 4.6 4.9 2.5 2.7 451,807 The Sellers are eligible to earn additional shares of the Company’s common stock if Amiga meets certain revenue milestones for the years ended December 31, 2024 and 2025 (the “Earnout Consideration”). The Earnout Consideration that Sellers are eligible to receive is equal to two times the amount of revenue of Amiga (“Amiga Net Revenue”) that is greater than specific revenue targets for each of the years ended December 31, 2024 and 2025. The Earnout Consideration will be paid in the Company’s stock for each annual target period and will be calculated based on the volume weighted average price of Beam’s common stock for the thirty trading days prior to the end of the applicable measurement period. In no event and under no circumstances will the Company issue to the Sellers an amount of the Company’s common stock that exceeds 19.99% of the total outstanding common stock of the Company immediately prior to the closing. An estimate of the fair value of the contingent consideration has been recorded in the opening balance sheet. n February 16, 2024, the Company and the Sellers entered into an amendment to the Purchase Agreement to remove the requirement that the Sellers shall be providing services to Amiga as a condition to receive the Earnout Consideration. 1.5 Amiga, located in Serbia, is engaged in the manufacture and distribution of steel structures with integrated electronics, such as streetlights, cell towers, and ski lift towers. The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification (ASC) 805, Business Combinations On November 7, 2023, Amiga changed its name to Beam Europe LLC. Pro Forma Financial Information The following pro forma financial information summarizes the combined results of operations of Beam Global and Amiga as if the companies had been combined as of the beginning of the six months ended June 30, 2023 (in thousands): Schedule of pro forma financial information June 30, 2023 Revenues $ 35,362 Net Loss $ (7,354 ) The pro forma financial information is presented for information purposes only and is not indicative of the results of operations that would have been achieved had the acquisition been completed at the beginning of the six months ended June 30, 2023. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition. The unaudited pro forma financial information includes adjustments to reflect the incremental amortization expense of the identifiable intangible assets and transaction costs. The statement of operations, in the table above, for the six months ended June 30, 2023 includes revenues of $ 4.5 0.7

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORY	4. INVENTORY Inventory consists of the following (in thousands): Schedule of inventory June 30, December 31, 2024 2023 Finished goods $ 5,106 $ 1,953 Work in process 2,694 2,006 Raw materials 5,041 7,974 Total inventory, net $ 12,841 $ 11,933

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): Schedule of property and equipment June 30, December 31, 2024 2023 Office furniture and equipment $ 227 $ 227 Computer equipment and software 244 248 Land, buildings and leasehold improvements 7,725 7,935 Autos 731 616 Machinery and equipment 9,058 9,200 Total property and equipment 17,985 18,226 Less accumulated depreciation (3,091 ) (1,713 ) Property and Equipment, net $ 14,894 $ 16,513 Depreciation expense during the three months and six months ended June 30, 2024 and June 30, 2023 was $ 0.7 1.4 0.1 0.2

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	6. INTANGIBLE ASSETS The intangible assets consist of the following (in thousands): Schedule of intangible assets December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average Amortization Period (yrs) Developed technology $ 8,074 $ (1,346 ) $ 6,728 11 Trade name 1,756 (322 ) 1,434 10 Customer relationships 444 (110 ) 334 13 Backlog 185 (185 ) – 1 Patents 611 (57 ) 554 20 Intangible assets $ 11,070 $ (2,020 ) $ 9,050 June 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average Amortization Period (yrs) Developed technology $ 8,074 $ (1,713 ) $ 6,361 11 Trade name 1,756 (410 ) 1,346 10 Customer relationships 444 (135 ) 309 13 Backlog 185 (185 ) – 1 Patents 537 (67 ) 470 20 Intangible assets $ 10,996 $ (2,510 ) $ 8,486 Amortization expense during the three and six months ended June 30, 2024 and June 30, 2023 was $ 0.2 0.5 0.2 0.6

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	7. ACCRUED EXPENSES The major components of accrued expenses are summarized as follows (in thousands): Schedule of major components of accrued expenses June 30, December 31, 2024 2023 Accrued Expenses: Accrued vacation $ 290 $ 246 Accrued salaries and bonus 2,055 1,086 Vendor accruals 118 50 Accrued warranty 10 27 Other accrued expense 1,966 1,328 Total accrued expenses $ 4,439 $ 2,737 Other Long-Term Liabilities: Long-term deferred tax liability $ 1,652 $ 1,698 Acquired long-term liability 3,689 3,787 Total long-term liabilities $ 5,341 $ 5,485 Acquired long-term liability of $ 3.7

NOTE PAYABLE

NOTE PAYABLE	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
NOTE PAYABLE	8. NOTE PAYABLE In May 2023, the Company purchased two new trucks and financed the purchase through an auto loan. The loan has a term of 60 months, requires monthly payments of approximately $ 4 7.55 40 monthly 661 6.54 6 monthly 1,661 7.89 14

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Legal Matters: From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of June 30, 2024, after consulting with legal counsel, management believes there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. Other Commitments: The Company enters into various contracts or agreements in the normal course of business whereby such contracts or agreements may contain commitments. Since inception, the Company entered into agreements to act as a reseller for certain vendors; joint development contracts with third parties; referral agreements where the Company would pay a referral fee to the referrer for business generated; sales agent agreements whereby sales agents would receive a fee equal to a percentage of revenues generated by the agent; business development agreements and strategic alliance agreements where both parties agree to cooperate and provide business opportunities to each other and in some instances, provide for a right of first refusal with respect to certain projects of the other parties; agreements with vendors where the vendor may provide marketing, investor relations, public relations, software licenses, technical consulting or subcontractor services, vendor arrangements with non-binding minimum purchasing provisions, and financial advisory agreements where the financial advisor would receive a fee and/or commission for raising capital for the Company.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES There was no Federal income tax expense for the six months ended June 30, 2024 or 2023 due to the Company’s net losses. Income tax expense represents the minimum state taxes due. As a result of the Company’s history of incurring operating losses, a full valuation allowance has been established to offset all deferred tax assets as of June 30, 2024 and no benefit has been provided for the quarter-to-date loss. On a quarterly basis, the Company evaluates the positive and negative evidence to assess whether the more likely than not criteria have been satisfied in determining whether there will be further adjustments to the valuation allowance.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	11. STOCKHOLDERS’ EQUITY Committed Equity Facility On September 2, 2022, the Company entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with B. Riley. Pursuant to the Purchase Agreement, the Company has the right, in its sole discretion, to sell to B. Riley up to $30.0 million, but in any event, a maximum of 2.0 million shares of the Company’s common stock at 97% of the volume weighted average price of the Company’s common stock, as calculated in accordance with the Purchase Agreement, over a period of 24 months subject to certain limitations and conditions contained in the Purchase Agreement. Sales and timing of any sales are solely at the election of the Company, and the Company is under no obligation to sell any common stock to B. Riley under the Purchase Agreement. As consideration for B. Riley’s commitment to purchase shares of the Company’s common stock the Company issued B. Riley 10,484 The Company incurred an aggregate cost of approximately $0.5 million in connection with the Purchase Agreement, including the fair value of the shares of common stock issued to B. Riley, which were recorded as equity on the Balance Sheet and offset proceeds from the sale of the Company’s common stock under the Purchase Agreement. The Company has issued 281,157 3 0.5 Stock Options Option activity for the six months ended June 30, 2024 is as follows: Schedule of option activity Weighted Average Number of Exercise Options Price Outstanding at December 31, 2023 481,858 $ 10.41 Granted 116,000 6.07 Forfeited (3,300 ) 9.29 Outstanding at June 30, 2024 594,558 $ 8.46 The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the table below and we assumed there would not be dividends paid during the life of the options granted during the six months ended June 30, 2024 and 2023: Schedule of assumptions for options granted Six months ended June 30, 2024 Expected volatility 89.78 90.37 Expected term 6.5 7 Risk-free interest rate 4.01 4.25 Weighted-average FV $4.85 The Company’s stock option compensation expense was $ 0.1 0.3 0.1 0.2 1.3 3.5 4 0.2 370,408 224,150 Restricted Stock Units In November 2022, the Company granted 142,500 142,500 For the RSUs, 50% vested upon the grant date, 25% vested on February 1, 2024 and 25% will vest on February 1, 2025. 142,500 35,625 13.05 Stock compensation expense related to the RSUs and PSUs was $ 0.3 0.6 0.8 8 Restricted Stock Awards The Company issues restricted stock to its non-employee members of its board of directors as compensation for such members’ services. Such grants generally vest ratably over four quarters. In 2024, the Company issued 80,645 The Company also previously issued restricted stock awards to its CEO, for which generally 50% of the shares granted vest ratably over four quarters and the remaining 50% vest ratably over twelve quarters. The common stock related to these awards are issued to an escrow account on the date of grant and released to the grantee upon vesting. The fair value is determined based on the closing stock price of the Company’s common stock on the date granted and the related expense is recognized ratably over the vesting period. A summary of activity of the restricted stock awards for the six months ended June 30, 2024 is as follows: Schedule of restricted stock awards Nonvested at December 31, 2023 1,238 $ 20.17 Vested (620 ) 10.09 Nonvested at June 30, 2024 618 $ 20.17 Stock compensation expense related to restricted stock awards was $ 0.3 0.2 As of June 30, 2024, there were unvested shares of common stock representing $ 12 9 Warrants In 2023, the Company issued warrants to purchase up to 200,000 1.6 0.8 A summary of activity of warrants outstanding for the six months ended June 30, 2024 is as follows: Schedule of activity of warrants outstanding Number of Warrants Weighted Average Exercise Price Exercisable at December 31, 2023 610,745 $ 9.80 Granted – – Expired (282,334 ) – Exercised (128,411 ) 6.30 Outstanding at June 30, 2024 200,000 $ 17.00 Exercisable at June 30, 2024 200,000 $ 17.00 Exercisable warrants as of June 30, 2024 have a weighted average remaining contractual life of 3.76 0 282,334 6.30

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	12. REVENUES For each of the identified periods, revenues can be categorized into the following (in thousands): Schedule of revenues Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Product sales $ 13,981 $ 17,103 $ 27,551 $ 29,914 Maintenance fees 26 18 53 34 Professional services 357 24 422 60 Shipping and handling 549 804 1,526 1,020 Discounts and allowances (101 ) (130 ) (179 ) (189 ) Total revenues $ 14,812 $ 17,819 $ 29,373 $ 30,839 Revenues derived from customers located in California during the three months ended June 30, 2024 and 2023 were, 26 17 27 35 15 10 At June 30, 2024 and December 31, 2023, deferred revenue was $ 1.5 1.2 1 0.7 0.8 0.5

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Management has evaluated events that have occurred subsequent to the date of these condensed consolidated financial statements and has determined that no such reportable subsequent events exist through date of filing. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

NATURE OF OPERATIONS, BASIS O_2

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Beam is a sustainable technology innovation company based in San Diego, California; Broadview, Illinois; Belgrade and Kraljevo, Serbia. We develop, design, engineer, manufacture and sell high-quality, renewably energized infrastructure products for electric vehicle (“EV”) charging, energy security and disaster preparedness. We also manufacture highly energy-dense battery solutions in safe, compact and unique form-factors. Additionally, we manufacture street lighting, communications and energy infrastructure products. Beam’s products enable vital and highly valuable energy production in locations where it is either too expensive or too impactful to connect to the utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. Beam’s energy storage products provide high energy density in a safe, compact and bespoke form-factors ideal for the rapidly increasing numbers of mobile and stationary equipment and products which require electrical energy without being connected to the electrical grid. Beam’s products and proprietary technology solutions target markets that are experiencing significant growth with annual global spending in the billions of dollars: · electric vehicle (EV) charging infrastructure; · energy storage solutions; · energy security and disaster preparedness; and · transportation infrastructure products.
Basis of Presentation	Basis of Presentation The interim unaudited condensed consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In management’s opinion, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly our results of operations and cash flows for the three months and six months ending June 30, 2024 and 2023, and our financial position as of June 30, 2024, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2023. The December 31, 2023 balance sheet is derived from those statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the allowance for certain expected credit losses (CECL), valuation of inventory and standard cost allocations, depreciable lives of property and equipment, valuation of contingent consideration liability, valuation of intangible assets, estimates of loss contingencies, estimates of the valuation of lease liabilities and the related right of use assets, valuation of share-based costs, and the valuation allowance on deferred tax assets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The ASU was issued in response to the SEC’s disclosure update and simplification initiative issued in August 2018. The effective date for the amendments for each topic will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoptions prohibited.   In December 2023, the FASB issued ASU No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Concentrations	Concentrations Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable. The Company maintains its cash in banks and financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through June 30, 2024. As of June 30, 2024, approximately $ 8.1 Major Customers The Company continually assesses the financial strength of its customers. We are not aware of any material credit risks associated with our customers. 69 31 21 11 10 25 10 22 13 10 11 10 10 10 69 86
Fair Value Measurement	Fair Value Measurement The Company follows the authoritative guidance that establishes a formal framework for measuring fair values of assets and liabilities in the consolidated financial statements that are already required by generally accepted accounting principles to be measured at fair value. The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The transaction is based on a hypothetical transaction in the principal or most advantageous market considered from the perspective of the market participant that holds the asset or owes the liability. The Company utilizes market data or assumptions that market participants who are independent, knowledgeable, and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The guidance establishes a formal fair value hierarchy based on the inputs used to measure fair value. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to level 3 measurements, and accordingly, Level 1 measurement should be used whenever possible. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities or published net asset value for alternative investments with characteristics similar to a mutual fund. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability. The methods used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes its valuation methods are appropriate, the fair value of certain financial instruments could result in a difference fair value measurement at the reporting date. There were no changes in the Company’s valuation methodologies from the prior year. For purpose of this disclosure, the carrying amounts for financial assets and liabilities such as cash and cash equivalents, accounts receivable – trade, other prepaid expenses and current assets, accounts payable and other current liabilities, all approximate fair value due to their short-term nature as of June 30, 2024. The Company had Level 3 liabilities as of June 30, 2024. There were no transfers between levels during the reporting period. Schedule of contingent consideration Level 1 Level 2 Level 3 Contingent Consideration as of December 31, 2023 $ – $ – $ 4,725 Additions – – – Change in fair value – – 1,532 Contingent Consideration as of June 30, 2024 $ – $ – $ 6,257
Significant Accounting Policies	Significant Accounting Policies During the six months ended June 30, 2024, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2023.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per share of common stock is computed using the weighted average number of common stock outstanding for the period, and, if dilutive, potential common stock outstanding during the period. Potential common stock outstanding consists of shares of common stock issuable upon the exercise of stock options, stock warrants, or other common stock equivalents. Potentially common stock outstanding are excluded from the computation if their effect is anti-dilutive. Options to purchase 594,558 200,000 354,498 620,105
Segments	Segments The Company assesses its segment reporting based on how it internally manages and reports the results of its business to its chief operating decision maker. Management reviews financial results, manages the business and allocates resources on an aggregate basis. Therefore, financial results are reported in a single operating segment.

NATURE OF OPERATIONS, BASIS O_3

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of contingent consideration	Schedule of contingent consideration Level 1 Level 2 Level 3 Contingent Consideration as of December 31, 2023 $ – $ – $ 4,725 Additions – – – Change in fair value – – 1,532 Contingent Consideration as of June 30, 2024 $ – $ – $ 6,257

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of pro forma financial information	Schedule of pro forma financial information June 30, 2023 Revenues $ 35,362 Net Loss $ (7,354 )

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventory	Schedule of inventory June 30, December 31, 2024 2023 Finished goods $ 5,106 $ 1,953 Work in process 2,694 2,006 Raw materials 5,041 7,974 Total inventory, net $ 12,841 $ 11,933

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Schedule of property and equipment June 30, December 31, 2024 2023 Office furniture and equipment $ 227 $ 227 Computer equipment and software 244 248 Land, buildings and leasehold improvements 7,725 7,935 Autos 731 616 Machinery and equipment 9,058 9,200 Total property and equipment 17,985 18,226 Less accumulated depreciation (3,091 ) (1,713 ) Property and Equipment, net $ 14,894 $ 16,513

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Schedule of intangible assets December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average Amortization Period (yrs) Developed technology $ 8,074 $ (1,346 ) $ 6,728 11 Trade name 1,756 (322 ) 1,434 10 Customer relationships 444 (110 ) 334 13 Backlog 185 (185 ) – 1 Patents 611 (57 ) 554 20 Intangible assets $ 11,070 $ (2,020 ) $ 9,050 June 30, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average Amortization Period (yrs) Developed technology $ 8,074 $ (1,713 ) $ 6,361 11 Trade name 1,756 (410 ) 1,346 10 Customer relationships 444 (135 ) 309 13 Backlog 185 (185 ) – 1 Patents 537 (67 ) 470 20 Intangible assets $ 10,996 $ (2,510 ) $ 8,486

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of major components of accrued expenses	Schedule of major components of accrued expenses June 30, December 31, 2024 2023 Accrued Expenses: Accrued vacation $ 290 $ 246 Accrued salaries and bonus 2,055 1,086 Vendor accruals 118 50 Accrued warranty 10 27 Other accrued expense 1,966 1,328 Total accrued expenses $ 4,439 $ 2,737 Other Long-Term Liabilities: Long-term deferred tax liability $ 1,652 $ 1,698 Acquired long-term liability 3,689 3,787 Total long-term liabilities $ 5,341 $ 5,485

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of option activity	Schedule of option activity Weighted Average Number of Exercise Options Price Outstanding at December 31, 2023 481,858 $ 10.41 Granted 116,000 6.07 Forfeited (3,300 ) 9.29 Outstanding at June 30, 2024 594,558 $ 8.46
Schedule of assumptions for options granted	Schedule of assumptions for options granted Six months ended June 30, 2024 Expected volatility 89.78 90.37 Expected term 6.5 7 Risk-free interest rate 4.01 4.25 Weighted-average FV $4.85
Schedule of restricted stock awards	Schedule of restricted stock awards Nonvested at December 31, 2023 1,238 $ 20.17 Vested (620 ) 10.09 Nonvested at June 30, 2024 618 $ 20.17
Schedule of activity of warrants outstanding	Schedule of activity of warrants outstanding Number of Warrants Weighted Average Exercise Price Exercisable at December 31, 2023 610,745 $ 9.80 Granted – – Expired (282,334 ) – Exercised (128,411 ) 6.30 Outstanding at June 30, 2024 200,000 $ 17.00 Exercisable at June 30, 2024 200,000 $ 17.00

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of revenues	Schedule of revenues Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Product sales $ 13,981 $ 17,103 $ 27,551 $ 29,914 Maintenance fees 26 18 53 34 Professional services 357 24 422 60 Shipping and handling 549 804 1,526 1,020 Discounts and allowances (101 ) (130 ) (179 ) (189 ) Total revenues $ 14,812 $ 17,819 $ 29,373 $ 30,839

NATURE OF OPERATIONS, BASIS O_4

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration fair value, Beginning balance	$ 0
Contingent consideration fair value, Additions	0
Contingent consideration fair value, Change in fair value	0
Contingent consideration fair value, Ending balance	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration fair value, Beginning balance	0
Contingent consideration fair value, Additions	0
Contingent consideration fair value, Change in fair value	0
Contingent consideration fair value, Ending balance	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration fair value, Beginning balance	4,725
Contingent consideration fair value, Additions	0
Contingent consideration fair value, Change in fair value	1,532
Contingent consideration fair value, Ending balance	$ 6,257

NATURE OF OPERATIONS, BASIS O_5

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Uninsured cash	$ 8.1		$ 8.1
Options [Member]
Product Information [Line Items]
Antidilutive shares			594,558	354,498
Warrants [Member]
Product Information [Line Items]
Antidilutive shares			200,000	620,105
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Federal State And Local Government [Member]
Product Information [Line Items]
Concentration risk, percentage	69%	86%	69%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Commercial Customers [Member]
Product Information [Line Items]
Concentration risk, percentage			31%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member]
Product Information [Line Items]
Concentration risk, percentage	21%		25%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member]
Product Information [Line Items]
Concentration risk, percentage	11%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member]
Product Information [Line Items]
Concentration risk, percentage	10%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Other Single Customer [Member]
Product Information [Line Items]
Concentration risk, percentage			10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 1 [Member]
Product Information [Line Items]
Concentration risk, percentage			22%		11%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 2 [Member]
Product Information [Line Items]
Concentration risk, percentage			13%		10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 3 [Member]
Product Information [Line Items]
Concentration risk, percentage			10%		10%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 4 [Member]
Product Information [Line Items]
Concentration risk, percentage					10%

LIQUIDITY (Details Narrative)

LIQUIDITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended	30 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net Income (Loss) Attributable to Parent	$ (4,916)	$ (3,037)	$ (3,530)	$ (3,831)	$ (7,953)	$ (7,361)
Non-cash expenses					4,200	2,100
Net Cash Provided by (Used in) Operating Activities					(97)	(5,062)
Cash balance	8,700				8,700			$ 8,700
Working capital	16,000				16,000			16,000
Accounts receivable	$ 12,700				12,700			$ 12,700
Proceeds from issuance of warrants					0	25,424
Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of warrants					$ 800	$ 100
Warrants outstanding	200,000				200,000			200,000
Warrants exercise price	$ 17				$ 17			$ 17
B Riley Capital [Member] | Common Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued new, shares							281,157
Proceeds from sale of equity								$ 3,000
Shares available for sale	1,718,843				1,718,843			1,718,843
Shares available for sale, value	$ 27,000				$ 27,000			$ 27,000

BUSINESS COMBINATION (Details -

BUSINESS COMBINATION (Details - Pro forma financial information) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Revenues	$ 35,362
Net Loss	$ (7,354)

BUSINESS COMBINATION (Details N

BUSINESS COMBINATION (Details Narrative) $ in Thousands, € in Millions		3 Months Ended		6 Months Ended
	Oct. 20, 2023 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Oct. 20, 2023 EUR (€)
Business Acquisition [Line Items]
Revenue related acquisitions		$ 14,812	$ 17,819	$ 29,373	$ 30,839
Amiga [Member]
Business Acquisition [Line Items]
Fair value adjustment of liability				1,500
Revenue related acquisitions				4,500
Loss from operation				$ 700
Amiga [Member] | Tranche One [Member]
Business Acquisition [Line Items]
Payment for acquisition to be paid	$ 4,900					€ 4.6
Stock to be issued for acquisition, shares | shares	451,807
Amiga [Member] | Tranche Two [Member]
Business Acquisition [Line Items]
Payment for acquisition to be paid	$ 2,700					€ 2.5

INVENTORY (Details - Schedule o

INVENTORY (Details - Schedule of inventory) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 5,106	$ 1,953
Work in process	2,694	2,006
Raw materials	5,041	7,974
Total inventory, net	$ 12,841	$ 11,933

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details - Schedule of property and equipment) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 17,985	$ 18,226
Less accumulated depreciation	(3,091)	(1,713)
Property and Equipment, net	14,894	16,513
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	227	227
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	244	248
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	7,725	7,935
Autos [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	731	616
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 9,058	$ 9,200

PROPERTY AND EQUIPMENT (Detai_2

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.7	$ 0.1	$ 1.4	$ 0.2

INTANGIBLE ASSETS (Details - Sc

INTANGIBLE ASSETS (Details - Schedule of intangible assets) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 10,996	$ 11,070
Accumulated amortization	(2,510)	(2,020)
Net carrying amount	8,486	9,050
Developed Technology Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	8,074	8,074
Accumulated amortization	(1,713)	(1,346)
Net carrying amount	$ 6,361	$ 6,728
Weighted-average amortization period (yrs)	11 years	11 years
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,756	$ 1,756
Accumulated amortization	(410)	(322)
Net carrying amount	$ 1,346	$ 1,434
Weighted-average amortization period (yrs)	10 years	10 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 444	$ 444
Accumulated amortization	(135)	(110)
Net carrying amount	$ 309	$ 334
Weighted-average amortization period (yrs)	13 years	13 years
Backlog [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 185	$ 185
Accumulated amortization	(185)	(185)
Net carrying amount	$ 0	$ 0
Weighted-average amortization period (yrs)	1 year	1 year
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 537	$ 611
Accumulated amortization	(67)	(57)
Net carrying amount	$ 470	$ 554
Weighted-average amortization period (yrs)	20 years	20 years

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.2	$ 0.2	$ 0.5	$ 0.6

ACCRUED EXPENSES (Details - Com

ACCRUED EXPENSES (Details - Components of accrued expenses) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Expenses:
Accrued vacation	$ 290	$ 246
Accrued salaries and bonus	2,055	1,086
Vendor accruals	118	50
Accrued warranty	10	27
Other accrued expense	1,966	1,328
Total accrued expenses	4,439	2,737
Other Long-Term Liabilities:
Long-term deferred tax liability	1,652	1,698
Acquired long-term liability	3,689	3,787
Total long-term liabilities	$ 5,341	$ 5,485

ACCRUED EXPENSES (Details Narra

ACCRUED EXPENSES (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Long-term liability	$ 3,689	$ 3,787
Amiga [Member]
Restructuring Cost and Reserve [Line Items]
Long-term liability	$ 3,700

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	May 31, 2023
Two New Trucks [Member]
Debt periodic payment			$ 4
Interest rate			7.55%
Loan short-term balance			$ 40
Fork Lift [Member]
Debt periodic payment	$ 1,661	$ 661
Interest rate	7.89%	6.54%
Loan short-term balance	$ 14	$ 6
Monthly payments	monthly	monthly

STOCKHOLDERS' EQUITY (Details -

STOCKHOLDERS' EQUITY (Details - Option activity) - Equity Option [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning | shares	481,858
Options outstanding, weighted average exercise price | $ / shares	$ 10.41
Options granted | shares	116,000
Options granted, weighted average exercise price | $ / shares	$ 6.07
Options forfeited | shares	(3,300)
Options forfeited, weighted average exercise price | $ / shares	$ 9.29
Options outstanding, ending | shares	594,558
Options outstanding, weighted average exercise price | $ / shares	$ 8.46

STOCKHOLDERS' EQUITY (Details_2

STOCKHOLDERS' EQUITY (Details - Assumptions for options granted) - Share-Based Payment Arrangement, Option [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares
Weighted-average FV	$ 4.85
Minimum [Member]
Expected volatility	89.78%
Expected term	6 years 6 months
Risk-free interest rate	4.01%
Maximum [Member]
Expected volatility	90.37%
Expected term	7 years
Risk-free interest rate	4.25%

STOCKHOLDERS' EQUITY (Details_3

STOCKHOLDERS' EQUITY (Details - Restricted stock award activity) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested shares, Beginning balance | shares	1,238
Weighted-average grant-date fair value, Beginning balance | $ / shares	$ 20.17
Nonvested shares, Vested | shares	(620)
Weighted-average grant-date fair value, Vested | $ / shares	$ 10.09
Nonvested shares, Ending balance | shares	618
Weighted-average grant-date fair value, Ending balance | $ / shares	$ 20.17

STOCKHOLDERS' EQUITY (Details_4

STOCKHOLDERS' EQUITY (Details - Warrant activity) - Warrant [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Warrants Outstanding, Beginning | shares	610,745
Weighted Average Exercise Price Outstanding, Beginning | $ / shares	$ 9.80
Number of Warrants Granted | shares	0
Weighted Average Exercise Price Granted | $ / shares	$ 0
Number of Warrants Expired | shares	(282,334)
Weighted Average Exercise Price Expired | $ / shares	$ 0
Number of Warrants Exercised | shares	(128,411)
Weighted Average Exercise Price Exercised | $ / shares	$ 6.30
Number of Warrants Outstanding, Ending | shares	200,000
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 17
Number of Warrants Exercisable | shares	200,000
Weighted Average Exercise Price Exercisable | $ / shares	$ 17

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 30, 2023	Nov. 30, 2022	Sep. 30, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Offsetting Assets [Line Items]
Proceeds from issuance of common stock						$ 495	$ 2,114
Stock based compensation						1,088	865
Equity Option [Member]
Offsetting Assets [Line Items]
Stock based compensation				$ 100	$ 100	300	200
Unrecognized compensation costs				1,300		$ 1,300
Remaining contractual term						3 years 6 months
Intrinsic value of options outstanding				4		$ 4
Intrinsic value of options exercisable				$ 200		$ 200
Options vested						370,408
Options unvested				224,150		224,150
Restricted Stock Units (RSUs) [Member]
Offsetting Assets [Line Items]
Stock units outstanding, RSUs						35,625
Weighted average grant date fair values						$ 13.05
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member]
Offsetting Assets [Line Items]
Restricted stock awards		142,500
Performance Stock Units [Member]
Offsetting Assets [Line Items]
Stock units outstanding, RSUs						142,500
Performance Stock Units [Member] | Chief Executive Officer [Member]
Offsetting Assets [Line Items]
Restricted stock awards		142,500
RSUs And PSUs [Member]
Offsetting Assets [Line Items]
Stock based compensation				$ 300		$ 600
Remaining contractual term						8 months
Unrecognized restricted stock grant expense				$ 800		$ 800
Restricted Stock [Member]
Offsetting Assets [Line Items]
Stock based compensation						$ 300	$ 200
Remaining contractual term						9 months
Options unvested				618		618		1,238
Restricted stock awards						80,645
Unvested shares of common stock				$ 12		$ 12
Warrant [Member]
Offsetting Assets [Line Items]
Weighted average remaining contractual life						3 years 9 months 3 days
Intrinsic value exercisable shares warrants				$ 0		$ 0
Warrants purchase				282,334		282,334
Warrants exercised price, per share						$ 6.30
B Riley Purchase Agreement [Member]
Offsetting Assets [Line Items]
Stock issued new, shares	10,484		10,484			281,157
Proceeds from issuance of common stock						$ 3,000
Offering costs						$ 500
Investor Relations Services [Member] | Warrant [Member] | Consultant [Member]
Offsetting Assets [Line Items]
Warrants issued, shares						200,000
Fair value of warrants issued						$ 1,600
Warrant expense						$ 800

REVENUES (Details - Categories

REVENUES (Details - Categories of revenues) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 14,812	$ 17,819	$ 29,373	$ 30,839
Discounts and allowances	(101)	(130)	(179)	(189)
Product [Member]
Disaggregation of Revenue [Line Items]
Revenues	13,981	17,103	27,551	29,914
Maintenance [Member]
Disaggregation of Revenue [Line Items]
Revenues	26	18	53	34
Professional Services [Member]
Disaggregation of Revenue [Line Items]
Revenues	357	24	422	60
Shipping and Handling [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 549	$ 804	$ 1,526	$ 1,020

REVENUES (Details Narrative)

REVENUES (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract with customer liability	$ 1.5		$ 1.5		$ 1.2
Product Deposits [Member]
Disaggregation of Revenue [Line Items]
Contract with customer liability	1		1		0.7
Maintenance Fees [Member]
Disaggregation of Revenue [Line Items]
Contract with customer liability	$ 0.8		$ 0.8		$ 0.5
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | International Sales [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage			15%	10%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | California Customers [Member]
Disaggregation of Revenue [Line Items]
Concentration risk percentage	26%	17%	27%	35%