Company: SERV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001832483-25-000089
Chunk: 77

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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15$980 Customer relationships25255 Trade names10135 16$1,370 

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4. GOODWILL AND INTANGIBLE ASSETS, NET

The changes in the carrying amount of goodwill during the six months ended June 30, 2025 were as follows (in thousands):TotalBalance as of December 31, 2024$— Acquisition4,327Effects of foreign currency translation261 Balance as of June 30, 2025$4,588 Goodwill represents the excess of the cost over the net tangible and identifiable intangible assets of acquired businesses.Intangible assets, net consisted of the following as of June 30, 2025 (in thousands): Weighted-Average Remaining Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying ValueDeveloped technology14.8$1,039 $17 $1,022 Customer relationships24.82703267Trade names9.81444140Balance as of June 30, 2025$1,453 $24 $1,429 Identifiable intangible assets acquired in business combinations are recorded based upon fair value at the date of acquisition. Carrying values are adjusted to reflect the impacts of foreign currency. Amortization expense associated with the intangible assets was $23 thousand and zero for the three and six months ended June 30, 2025 and 2024, respectively. As of December 31, 2024, the company did not have any intangible assets.The technology intangible assets are being amortized over 15 years, customer relationships over 25 years and trade names over 10 years.The estimated future amortization expense of intangible assets as of June 30, 2025 is as follows (in thousands): Year Ending December 31,Amortization ExpenseRemainder of 2025$47 202694202794202894202994Thereafter1,006Total estimated future amortization expense$1,429 

5. FAIR VALUE MEASUREMENTS

Assets Measured at Fair Value on a Recurring BasisThe following table sets forth the Company’s cash equivalents and short-term marketable securities that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2025 (in thousands): 

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Fair Value Measurementsas of June 30, 2025:Level 1Level 2Level 3TotalCash equivalents