Blink Charging Co. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

Intangible assets consisted of the following:

SCHEDULE OF INTANGIBLE ASSETS


	Internal Use Software		Capitalized Engineering Costs		Trade Name and Patents			Customer Relationships			Favorable Leases			Internally Developed Technology			Non-Compete Agreements			Accumulated Amortization			Total
Balance as of January 1, 2022	$	600	$	237	$	340		$	1,677		$	272		$	1,148		$	139		$	(958	)	$	3,455
Additions		523		-		2,331			19,911			-			4,122			2,233			-			29,120
Foreign currency translation		-		-		88			(190	)		(15	)		(239	)		(119	)		-			(475	)
Amortization expense		-		-		-			-			-			-			-			(5,518	)		(5,518	)
Balance as of December 31, 2022		1,123		237		2,759			21,398			257			5,031			2,253			(6,476	)		26,582
Intangible assets beginning balance		1,123		237		2,759			21,398			257			5,031			2,253			(6,476	)		26,582
Additions		122		1,028		166			1,925			-			175			11			-			3,426
Impairment of intangible assets		-		-		(13	)		(4,401	)		-			(218	)		(507	)		-			(5,139	)
Foreign currency translation		-		-		(107	)		(698	)		-			(184	)		(27	)		-			(1,016	)
Amortization expense		-		-		-			-			-			-			-			(7,556	)		(7,556	)
Balance as of December 31, 2023	$	1,245	$	1,265	$	2,805		$	18,224		$	257		$	4,804		$	1,730		$	(14,032	)	$	16,298
Intangible assets ending balance	$	1,245	$	1,265	$	2,805		$	18,224		$	257		$	4,804		$	1,730		$	(14,032	)	$	16,298
Weighted average remaining amortization period at December 31, 2023 (in years)		0.8		0.0		0.0			3.9			0.0			0.2			0.0

Useful Lives		3 Years		Indefinite		1.5 Years			5.6 Years			1.6 Years			3 Years			2 Years


	Internal Use Software		Capitalized Engineering Costs		Trade Name and Patents			Customer Relationships			Favorable Leases			Internally Developed Technology			Non-Compete Agreements			Accumulated Amortization
Balance as of January 1, 2022	$	207	$	-	$	155		$	198		$	109		$	245		$	44		$	958
Foreign currency translation		-		-		(65	)		(250	)		(6	)		(100	)		(15	)		(436	)
Amortization expense		294		-		896			2,547			154			1,254			809			5,954
Balance as of December 31, 2022		501		-		986			2,495			257			1,399			838			6,476
Intangible assets excluding goodwill beginning balance		501		-		986			2,495			257			1,399			838			6,476
Amortization expense		220		-		1,106			4,097			-			1,330			803			7,556
Balance as of December 31, 2023	$	721	$	-	$	2,092		$	6,592		$	257		$	2,729		$	1,641		$	14,032
Intangible assets excluding goodwill ending balance	$	721	$	-	$	2,092		$	6,592		$	257		$	2,729		$	1,641		$	14,032

Amortization expense during the years ended December 31, 2023, 2022, and 2021 were $7,556, $5,954, and $938, respectively.

The Company determined that the carrying value of certain intangible assets had exceeded its undiscounted cash flows and, as a result, recorded an intangible asset impairment charge of $5,143 in the consolidated statements of operations during the year ended December 31, 2023.

Changes in the balance of intangible assets and goodwill reflected on the consolidated balance sheet are the result of the impact of the change in foreign currency exchange rates.

See Note 3 - Business Combination and Note 6 - Goodwill for additional details.

The estimated future amortization expense is as follows:


For the Years Ending December 31,	Total
2024	$	5,697
2025		4,145
2026		3,378
2027		1,813
Thereafter		1,265
Finite-lived intangible assets, net	$	16,298

BLINK CHARGING CO.

Notes to Consolidated Financial Statements

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