4. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT  

Depreciation and amortization expense related to property and equipment was $5,432, $1,904, and $378 for the years ended December 31, 2022, 2021 and 2020, respectively, of which, $3,113, $1,533 and $345, respectively, was recorded within cost of sales in the accompanying consolidated statements of operations.

During the years ended December 31, 2022, 2021 and 2020, the Company disposed of property and equipment with a net book value of $463, $798 and $368 which resulted in a loss on disposal of $113, $156 and $279, respectively, which was included within general and administrative expenses in the consolidated statements of operations.

During the years ended December 31, 2022, 2021, and 2020, the Company transferred charging stations of $5,283, $2,189 and $1,980 from inventory into property and equipment.

On January 22, 2021, the Company completed its purchase of approximately 10,000 square feet of office condominium space which became the Company’s corporate headquarters. The purchase price was $4,000, of which, $600 was paid in the form of the Company’s common stock (13,123 shares) and $3,400 in cash.

See Note 3 - Business Combination for additional details of the acquisition of property and equipment.

Changes in the balance of property and equipment reflected on the balance sheet are the result of the impact of the change in foreign currency exchange rates.

BLINK CHARGING CO.

Notes to Consolidated Financial Statements

(in thousands except for share and per share amounts)