Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

v3.24.3
GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

9. GOODWILL AND INTANGIBLE ASSETS, NET

 

The Company had no goodwill of December 31, 2023 and $13.6 million as of December 31, 2022, resulting from its acquisition of Mimosa Networks, Inc. (“Mimosa”) in November 2018. The Company sold Mimosa on August 11, 2023, and accordingly, there is no goodwill balance as of December 31, 2023.

 

Intangible assets, net consisted of the following (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  

 

The Company’s intangible assets included internally developed technology, customer relationships, trademarks and non-compete agreements. Amortization expense related to the Company’s intangible assets amounted to $0.2 million and $1.1 million for the years ended December 31, 2023 and 2022, respectively.