Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

v3.22.2.2
INTANGIBLE ASSETS AND GOODWILL
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

5. INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets consist of the following:

 

                     
    September 30, 2022     December 31, 2021     Useful Lives
Internal use software   $ 1,667     $ 600     3 years
Capitalized engineering costs     237       237     Indefinite
Trade name and patents     2,700       340     1.5 years
Customer relationships     20,896       1,677     5.6 years
Favorable leases     235       272     1.6 years
Internally developed technology     4,913       1,148     3 years
Non-compete agreements     2,097       139     2 years
Intangible assets, gross     32,745       4,413      
Less: accumulated amortization     (4,101 )     (958 )    
Intangible assets, net   $ 28,644     $ 3,455      

 

The following represents the change in goodwill during the nine months ended September 30, 2022:

Goodwill

Beginning balance January 1, 2022   $ 19,390  
Acquisition of Electric Blue     10,443  
Acquisition of SemaConnect     174,439  
Effect of translation adjustments     (2,824 )
Ending balance September 30, 2022   $ 201,448  

 

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.

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

Notes to Unaudited Condensed Consolidated Financial Statements

(in thousands, except for share and per share amounts)