Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

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GOODWILL AND INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

5. GOODWILL AND INTANGIBLE ASSETS, NET

 

The Company had no goodwill as of September 30, 2023 and $13.6 million as of December 31, 2022. Goodwill and Intangible assets, net were part of the sale of the Mimosa business that closed on August 11, 2023.

 

Intangible assets, net consists of the following at December 31, 2022 (in thousands):

 

                             
    Weighted     December 31, 2022  
    Average
Useful Life
(in years)		     Gross
Carrying
Amount		     Accumulated
Amortization		     Net
Carrying
Amount		  
Internally developed technology   10     $ 7,810     $ (3,189 )   $ 4,621  
Customer relationships   6       2,130       (1,449 )     681  
Trademarks   2       720       (720 )     -  
Non-compete   3       180       (180 )     -  
Total acquired intangible assets         $ 10,840     $ (5,538 )   $ 5,302  

 

Amortization expense related to the Company’s intangible assets amounted to $0 and $0.3 million for the three months ended September 30, 2023 and 2022, respectively, and $0.2 million and $0.9 million for the nine months ended September 30, 2023 and 2022, respectively.