Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021 resulting from a prior acquisition.

 

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

 

                             
    Weighted     September 30, 2022  
    Average Useful Life
(in years)		     Gross Carrying
Amount		     Accumulated
Amortization		     Net Carrying
Amount		  
Internally developed technology   10     $ 7,810     $ (2,993 )   $ 4,817  
Customer relationships   6       2,130       (1,361 )     769  
Trademarks   2       720       (720 )     -  
Non-compete   3       180       (180 )     -  
Total acquired intangible assets         $ 10,840     $ (5,254 )   $ 5,586  

 

    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 September 30, 2022 and 2021, and $0.9 million for both of the nine months ended September 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   $ 284  
2023     1,136  
2024     1,107  
2025     781  
2026     781  
Thereafter     1,497  
Total   $ 5,586