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Property and Equipment, Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 is as follows:

  

   Useful  March 31,   December 31, 
   Life  2025   2024 
            
Computer and office equipment  5-7 years  $413,000   $412,000 
Furniture and fixtures  7 years   107,000    107,000 
Molds and tooling  3-5 years   2,298,000    2,297,000 
Property and equipment gross      2,818,000    2,816,000 
Less: Accumulated depreciation      2,565,000    2,532,000 
Property and equipment net     $253,000   $284,000 

 

Depreciation expense was $33,000 and $52,000 for the three months ended March 31, 2025 and 2024, respectively.

 

A summary of the Company’s intangible assets at March 31, 2025 and December 31, 2024 is as follows:

 

   Useful  March 31,   December 31, 
   Life  2025   2024 
            
Customer Relationships  5-7 years  $25,000   $25,000 
Trade Name  7 years   25,000    25,000 
Developed Technology  3-5 years   325,000    325,000 
Intangible assets gross      375,000    375,000 
Less: Accumulated amortization      45,000    30,000 
Intangible assets net     $330,000   $345,000 

 

 

Algorhythm Holdings, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

March 31, 2025 and 2024 (Unaudited)

 

Amortization expense was $15,000 for the three months ended March 31, 2025. The Company did not have any intangible assets or goodwill at March 31, 2024.

 

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 no impairment of goodwill needed to be recorded during the three months ended March 31, 2025. There was no change in goodwill during the three months ended March 31, 2025.