Company: OMQS
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001813
Chunk: 421

Company: OMNIQ Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 421
---
457 
  
    Inventory in transit 
     4,471  
     737 
  
    Finished goods 
     3,978  
     5,072 
  
    Less allowance for obsolescence 
     (1,331) 
     (238)
  
    Total inventories 
    $7,405  
    $6,028 

NOTE
8 – PROPERTY AND EQUIPMENT

The
following is a summary of the components of property and equipment as of December 31:

 SCHEDULE
OF PROPERTY AND EQUIPMENT

    In thousands 
    2024  
     2023  
  
    Manufacturing and lab equipment 
    $882  
    $673 
  
    Leasehold improvements 
     645  
     647 
  
    Software and computer equipment 
     133  
     429 
  
    Furniture and equipment 
     239  
     232 
  
    Vehicle 
     187  
     251 
  
    Property and equipment, Gross 

    Less: accumulated depreciation 
     (1,365) 
     (1,166)
  
    Property and equipment,
    Net 
    $721  
    $1,066 

Depreciation
expense for the years ended December 31, 2024 and 2023 was approximately $364 thousand and $464 thousand, respectively.

    F-15

NOTE
9 – GOODWILL AND INTANGIBLE ASSETS

Impairment
of Goodwill – During the year ended December 31, 2023 the Company experienced significant decline in our stock price and sustained
losses from operations. Therefore, we completed a quantitative goodwill impairment analysis as of December 31, 2023. The results of the
analysis during the fourth quarter indicated an impairment loss for goodwill related to acquisitions prior to 2021, and we recorded a
non-cash impairment of $14.7
million. Accumulated impairment of goodwill for the years ended
December 31, 2024 and 2023 was $0 and $14.7
million, respectively.

Identifiable
intangible assets are stated at cost, net of accumulated amortization. The assets are being amortized on the straight-line method over
the estimated useful lives ranging from 3
to 11
years. Amortization expense for the years ended December 31,
2024 and 2023 was $915 thousand and $1.6