Company: OMQS
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001813
Chunk: 956

Company: OMNIQ Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 956
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 ASSETS CONSISTED

    In thousands
     
    2024
      
    2023 

    Goodwill balance, beginning of
    year
     
    $
    1,788
      
    $16,542 

    Impairment loss

    -
      
     (14,686)

    Addition of Codeblocks

    1,204
      
     - 

    Effective foreign exchange
    rates

    (74
    ) 
     (68)

    Goodwill balance, end
    of year
     
    $
    2,918
      
    $1,788 

Intangible
assets consisted of the following as of December 31:

 SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS

    In thousands
     
    2024
      
    2023 

    Trade names

    6,217
      
     6,227 

    Customer relationships

    15,567
      
     15,591 

    Other intangibles

    2,165
      
     2,173 

    Accumulated amortization

    (19,237
    ) 
     (18,333)

    Intangibles, net
     
    $
    4,712
      
    $5,658 

The
future amortization expense on the trade names, customer relationships, and other intangibles are as follows:

 SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE 

    In thousands 

    Years ending December 31, 

    2025 
    $776 
  
    2026 
     776 
  
    2027 
     776 
  
    2028 
     659 
  
    Thereafter 
     1,725 

    Total 
    $4,712 

Goodwill
is not amortized but is evaluated for impairment annually or when indicators of a potential impairment are present. The impairment testing
of goodwill is performed separately from our impairment testing of intangibles. The annual evaluation for impairment of goodwill and
intangibles is based on valuation models that incorporate assumptions and internal projections of expected future cash flows and operating
plans. None of the goodwill is deductible for income tax purposes.