Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.4
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

  

    December 31,      
    2022     2021     Useful Lives
Internal use software   $ 1,123     $ 600     3 years
Capitalized engineering costs     237       237     Indefinite
Trade name and patents     2,759       340     1.5 years
Customer relationships     21,398       1,677     5.6 years
Favorable leases     257       272     1.6 years
Internally developed technology     5,031       1,148     3 years
Non-compete agreements     2,253       139     2 years
      33,058       4,413      
Less: accumulated amortization     (6,476 )     (958 )    
Intangible assets, net   $ 26,582     $ 3,455      

 

Amortization expense during the years ended December 31, 2022, 2021, and 2020 were $5,954, $938, and $61, respectively.

 

Changes in the balance of intangible assets and goodwill reflected on the 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.

 

                                                                         
    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, 2021   $ 184     $ -     $ -     $ -     $ -     $ -     $ -     $ (138 )   $ 46  
Additions     416       237       340       1,677       272       1,148       139       -       4,229  
Amortization expense     -       -       -       -       -       -       -       (820 )     (820 )
Balance as of December 31, 2021     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  
Weighted average remaining amortization period at December 31, 2022 (in years)     1.6       0.0       1.3       4.6       0.0       2.3       1.4                  

 

                                                                 
    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, 2021   $ 138     $ -     $ -     $ -     $ -     $ -     $ -     $ 138  
Amortization expense     69       -       155       198       109       245       44       820  
Balance as of December 31, 2021     207       -       155       198       109       245       44       958  
Amortization expense     294       -       896       2,547       154       1,254       809       5,954  
Foreign currency translation     -       -       (65 )     (250 )     (6 )     (100 )     (15 )     (436 )
Balance as of December 31, 2022   $ 501     $ -     $ 986     $ 2,495     $ 257     $ 1,399     $ 838     $ 6,476  

 

The estimated future amortization expense is as follows:

  

         
For the Years Ending December 31,   Total  
2023   $ 8,081  
2024     6,422  
2025     4,652  
2026     4,036  
2027     2,050  
Thereafter     1,341  
 Finite-lived intangible assets, net   $ 26,582  

 

 

BLINK CHARGING CO.

 

Notes to Consolidated Financial Statements

(in thousands except for share and per share amounts)