|
|
5. |
GOODWILL AND
INTANGIBLE ASSETS, NET |
The
Company had goodwill of $13.6 million as of both March 31, 2022 and December 31, 2021 resulting from a prior acquisition.
Intangible
assets, net consists of the following (in thousands):
| Schedule of Intangible assets, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Weighted |
|
|
March 31, 2022 |
|
| |
|
Average
Useful Life
(in years) |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
| Internally developed technology |
|
|
10 |
|
|
$ |
7,810 |
|
|
$ |
(2,603 |
) |
|
$ |
5,207 |
|
| Customer relationships |
|
|
6 |
|
|
|
2,130 |
|
|
|
(1,183 |
) |
|
|
947 |
|
| Trademarks |
|
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
— |
|
| Non-compete |
|
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
— |
|
| Total acquired intangible assets |
|
|
|
|
|
$ |
10,840 |
|
|
$ |
(4,686 |
) |
|
$ |
6,154 |
|
| |
|
Weighted |
|
|
December 31, 2021 |
|
| |
|
Average
Useful Life
(in years) |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
| Internally developed technology |
|
|
10 |
|
|
$ |
7,810 |
|
|
|
(2,408 |
) |
|
|
5,402 |
|
| Customer relationships |
|
|
6 |
|
|
|
2,130 |
|
|
|
(1,094 |
) |
|
|
1,036 |
|
| Trademarks |
|
|
2 |
|
|
|
720 |
|
|
|
(720 |
) |
|
|
— |
|
| Non-compete |
|
|
3 |
|
|
|
180 |
|
|
|
(180 |
) |
|
|
— |
|
| Total acquired intangible assets |
|
|
|
|
|
$ |
10,840 |
|
|
|
(4,402 |
) |
|
|
6,438 |
|
Amortization
expense related to the Company’s intangible assets amounted to $0.3 million for both the three months ended March 31,
2022 and 2021.
Estimated
amortization expense for the remainder of 2022 and thereafter related to the Company’s intangible assets is as follows (in
thousands):
| Schedule of estimated amortization expense |
|
|
|
|
| 2022 |
|
$ |
854 |
|
| 2023 |
|
|
1,136 |
|
| 2024 |
|
|
1,107 |
|
| 2025 |
|
|
781 |
|
| 2026 |
|
|
781 |
|
| Thereafter |
|
|
1,495 |
|
| Total |
|
$ |
6,154 |
|
|