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 $4,885, $5,432 and $1,904 for the years ended December 31, 2023, 2022 and 2021, respectively, of which, $4,250, $3,113 and $1,531, respectively, was recorded within cost of sales in the accompanying consolidated statements of operations.

During the years ended December 31, 2023, 2022 and 2021, the Company disposed of property and equipment with a net book value of $2,731, $463 and $798 which resulted in a gain (loss) on disposal of $11, ($113) and ($156), respectively, which was included within general and administrative expenses in the consolidated statements of operations.

During the years ended December 31, 2023, 2022, and 2021, the Company transferred charging stations of $1,786, $5,283 and $2,189 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)