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: SCHEDULE OF INTANGIBLE ASSETS
|  | 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 |
Intangible assets beginning balance |  |  | 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 |
Intangible assets ending balance |  | $ | 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 |  |  |  |  |  |  |  |  |
SCHEDULE OF CHANGES IN ACCUMULATED AMORTIZATION
|  | 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 |
Intangible assets excluding goodwill beginning balance |  |  | 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 |
Intangible assets excluding goodwill ending balance |  | $ | 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: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE
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)

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