Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

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GOODWILL AND INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

5. GOODWILL AND INTANGIBLE ASSETS, NET

 

The Company had goodwill of $13.6 million as of June 30, 2022 and December 31, 2021 resulting from a prior acquisition.

 

Intangible assets, net consists of the following (in thousands):

 

                               
    Weighted     June 30, 2022  
    Average
Useful Life
(in years)		     Gross Carrying
Amount		     Accumulated Amortization     Net Carrying Amount  
                         
Internally developed technology     10     $ 7,810     $ (2,798 )   $ 5,012  
Customer relationships     6       2,130       (1,272 )     858  
Trademarks     2       720       (720 )     -  
Non-compete     3       180       (180 )     -  
Total acquired intangible assets           $ 10,840     $ (4,970 )   $ 5,870  

 

    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 of the three months ended June 30, 2022 and 2021, and $0.6 million for both of the six months ended June 30, 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):

 

       
2022   $ 570  
2023     1,136  
2024     1,107  
2025     781  
2026     781  
Thereafter     1,495  
Total   $ 5,870