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)