Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 185

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 18
Chunk 185
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334  

  Property and Equipment, Net  
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Property and equipment, net consisted
of the following (in thousands):

                                                 As of                                               
                                                 December 31,                                        
                                                 2024                            2023                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Land                                           $                    6,882      $            6,964  
  Buildings                                                          46,812                  49,551  
  Machinery and equipment                                            19,765                  22,050  
  Computer and software                                              12,775                  20,846  
  Leasehold improvements                                              3,293                   7,951  
  Capitalized software                                               33,738                  31,528  
  Furniture and fixtures                                              2,024                   3,784  
  Construction in progress (1)                                        1,736                   1,756  
                                                                    127,025                 144,430  
  Accumulated depreciation and amortization                        ( 75,850                ( 82,951  
  Property and equipment, net                    $                   51,175      $           61,479  

  (1)      Property construction-in-progress is stated at cost and not depreciated. The property would be transferred to its respective account within property and equipment upon completion.  

Depreciation and amortization expense
associated with property and equipment was $10.7million, $13.0million and $11.0million for the years ended December 31, 2024,
2023 and 2022, respectively.

F-16

  Investment  
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On April 17, 2018, the Company
entered into an agreement to acquire an equity interest in Mountain Capital Fund L. P. (“ Mountain”) from Pegasus View Global
Ltd., an international business company incorporated in the Republic of Seychelles (“ Pegasus”), which is a related party.
Mountain is an exempted limited partnership registered under the partnership law in the Cayman Islands and primarily engages in investing.
The Company’s equity interest in Mountain was limited to50% of Mountain’s investment in One97 Communications Limited and
PayTM E-Commerce Private Limited (collectively, the “ Mountain Investment”).

In December 2022, the Company was informed
that Mountain intends to sell100% of its shares in PayTM E-Commerce Private Limited to an unrelated third party and effectively dissolve
Mountain, in exchange for approximately $