|
5. INTANGIBLE ASSETS AND GOODWILL
Intangible
assets consist of the following:
SCHEDULE OF INTANGIBLE ASSETS
| |
|
|
|
|
|
|
|
|
|
|
| |
|
June
30, 2022 |
|
|
December
31,
2021
|
|
|
Useful
Lives |
| Internal
use software |
|
$ |
874 |
|
|
$ |
600 |
|
|
3 years |
| Capitalized
engineering costs |
|
|
237 |
|
|
|
237 |
|
|
Indefinite |
| Trade
name |
|
|
4,852 |
|
|
|
340 |
|
|
1.5 years |
| Customer
relationships |
|
|
45,810 |
|
|
|
1,677 |
|
|
5.6 years |
| Favorable
leases |
|
|
250 |
|
|
|
272 |
|
|
1.6 years |
| Internally
developed technology |
|
|
3,207 |
|
|
|
1,148 |
|
|
3 years |
| Non-compete
agreements |
|
|
22,425 |
|
|
|
139 |
|
|
2
years |
| Intangible
assets, gross |
|
|
77,655 |
|
|
|
4,413 |
|
|
|
| Less:
accumulated amortization |
|
|
(2,243 |
) |
|
|
(958 |
) |
|
|
| Intangible
assets, net |
|
$ |
75,412 |
|
|
$ |
3,455 |
|
|
|
The
following represents the change in goodwill during the six months ended June 30, 2022:
SCHEDULE OF GOODWILL
| Beginning
balance - January 1, 2022 |
|
$ |
19,390 |
|
| Acquisition
of Electric Blue |
|
|
10,545 |
|
| Acquisition of SemaConnect |
|
|
127,567 |
|
| Effect
of translation adjustments |
|
|
(1,410 |
) |
| Ending
balance - June 30, 2022 |
|
$ |
|
Changes
in the balance of intangible assets and goodwill reflected on the balance sheet include the impact of the change in foreign currency
exchange rates. See Note 4 - Business Combinations for additional details.
|