Annual report [Section 13 and 15(d), not S-K Item 405]

INTANGIBLE ASSETS

v3.25.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

                                                       
  Internal Use Software     Capitalized Engineering Costs     Trade Name and Patents     Customer Relationships     Internally Developed Technology     Non-Compete Agreements   Favorable Leases     Accumulated Amortization     Total  
Balance as of January 1, 2023   $ 1,123     $ 237     $ 2,759     $ 21,398     $ 5,031     $ 2,253   $

257

     $ (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       4,804       1,730    

257

       (14,032 )     16,298  
Amortization expense     -       -       -       -       -       -     -       (5,910 )     (5,910 )
Balance as of December 31, 2024   $ 1,245     $ 1,265     $ 2,805     $ 18,224     $ 4,804     $ 1,730   $

257

     $ (19,942 )   $ 10,388  
Weighted average remaining amortization                                                                      
period at December 31, 2024 (in years)     3.3       5.1       16.5       2.6       1.3       0.8     0.0      

 

          
                                                                       
Useful Lives     3- 5 Years       6 Years       17 Years       5.6 Years       3 Years       2 Years     1.6 years      

         

 

                                                 
    Internal Use Software     Capitalized Engineering Costs     Trade Name and Patents     Customer Relationships     Internally Developed Technology     Non-Compete Agreements   Favorable Leases     Accumulated Amortization  
Balance as of January 1, 2023   $ 501     $ -     $ 986     $ 2,495     $ 1,399     $ 838   $

     257

     $ 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       2,729       1,641    

257

       14,032  
Amortization expense     24       745       684       2,926       1,444       87    

-

       5,910  
Balance as of December 31, 2024   $ 745     $ 745     $ 2,776     $ 9,518     $ 4,173     $ 1,728   $

257

     $ 19,942  

 

 

Amortization expense during the years ended December 31, 2024, 2023, and 2022 were $5,910, $7,556, and $5,954, respectively. Amortization expense is included within general and administrative expense during the years ended December 31, 2024, 2023, and 2022.

 

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 Combinations for additional details.

 

The estimated future amortization expense is as follows:

 

For the Years Ending December 31,   Total  
2025   $ 4,290  
2026     3,735  
2027     2,045  
2028     227  
2029    

74

  
Thereafter    

17

  
Finite-lived intangible assets, net   $ 10,388  

 

 

BLINK CHARGING CO.

Notes to Consolidated Financial Statements

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