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Property and Equipment, Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Intangible Assets and Goodwill | Note 5 – Property and Equipment, Intangible Assets and Goodwill A summary of the Company’s property and equipment at December 31, 2024 and 2023 is as follows: Schedule of Property and Equipment
|  | Useful |  | December 31, |  |  | December 31, |
|  | Life |  | 2024 |  |  | 2023 |
Computer and office equipment |  | 5-7 years |  | $ | 412,000 |  |  | $ | 404,000 |
Furniture and fixtures |  | 7 years |  |  | 107,000 |  |  |  | 107,000 |
Molds and tooling |  | 3-5 years |  |  | 2,297,000 |  |  |  | 2,228,000 |
Property and equipment gross |  |  |  |  | 2,816,000 |  |  |  | 2,739,000 |
Less: Accumulated depreciation |  |  |  |  | 2,532,000 |  |  |  | 2,335,000 |
Property and equipment net |  |  |  | $ | 284,000 |  |  | $ | 404,000 |
Depreciation expense was $192,000 and $287,000 for the year ended December 2024 and nine months ended December 31, 2023, respectively. ALGORHYTHM HOLDINGS, INC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 2023 A summary of the Company’s intangible assets at December 31, 2024 and 2023 is as follows: Schedule of Intangible Assets
|  | Useful |  | December 31, |
|  | Life |  | 2024 |
Customer relationships |  | 9 years |  | $ | 25,000 |
Trade name |  | 9 years |  |  | 25,000 |
Developed technology |  | 6 years |  |  | 325,000 |
Intangible assets gross |  |  |  |  | 375,000 |
Less: Accumulated amortization |  |  |  |  | 30,000 |
Intangible assets net |  |  |  | $ | 345,000 |
Amortization expense was $30,000 for the year ended December 31, 2024. The Company did not have any intangible assets or goodwill at December 31, 2023. The Company tested the recorded amount of goodwill for impairment on December 31, 2024 to see if the carrying amount of goodwill exceeded its carried value. The Company calculated a market-based valuation utilizing inputs classified as level 3 on the fair value hierarchy by multiplying one by projected 2025 revenue for the SemiCab business. The Company determined that, as a result of the SemiCab generating less revenue than anticipated, an impairment charge of $3,592,000 should be recorded as of December 31, 2024. The following table presents the changes in the value of the goodwill recognized in connection with the acquisition of SemiCab business: Schedule of Changes in Goodwill
Balance at January 1, 2024 |  | $ | -0- |
Goodwill from acquisition of SemiCab, Inc. on July 3, 2024 |  |  | 4,378,000 |
Impairment of goodwill |  |  | (3,592,000 | )
Balance at December 31, 2024 |  | $ | 786,000 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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