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Property and Equipment, Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 is as follows:

 

   Useful   June 30,   December 31, 
   Life   2025   2024 
             
Computer and office equipment   5-7 years   $462,000   $412,000 
Furniture and fixtures   7 years    107,000    107,000 
Molds and tooling   3-5 years    2,312,000    2,297,000 
Property and equipment gross        2,881,000    2,816,000 
Less: accumulated depreciation        2,629,000    2,532,000 
Property and equipment net       $252,000   $284,000 

 

Depreciation expense was $31,000 and $64,000 for the three and six months ended June 30, 2025, respectively, and $53,000 and $105,000 for the three and six months ended June 30, 2024, respectively.

 

A summary of the Company’s intangible assets at June 30, 2025 and December 31, 2024 is as follows:

 

   Useful   June 30,   December 31, 
   Life   2025   2024 
             
Customer relationships   5-7 years   $25,000   $25,000 
Trade names   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        60,000    30,000 
Intangible assets net       $315,000   $345,000 

 

Amortization expense was $17,000 and $32,000 for the three and six months ended June 30, 2025, respectively. The Company did not have any intangible assets or goodwill during the six months ended June 30, 2024.

 

On June 30, 2025, the Company tested the amount of goodwill that it recorded in connection with the acquisition of SemiCab, Inc.’s business on July 3, 2025 for impairment 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 with respect to that goodwill during the six months ended June 30, 2025. Accordingly, the balance of that goodwill was $786,000 on June 30, 2025.

 

 

On May 2, 2025, the Company and SemiCab Holdings acquired 99.99% of the equity shares of SMCB from SemiCab, Inc. In connection with the acquisition, the Company recorded additional goodwill in the amount of $3,632,000. As a result, the balance of the Company’s goodwill was $4,418,000 on June 30, 2025.