Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

v3.21.2
GOODWILL AND INTANGIBLE ASSETS, NET
9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020 resulting from a prior acquisition.

 

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

 

                           
    Weighted   September 30, 2021  
    Average
Useful Life
(in years)
  Gross Carrying
Amount
    Accumulated Amortization     Net Carrying Amount  
                       
Internally developed technology   10   $ 7,810     $ (2,213 )   $ 5,597  
Customer relationships   6     2,130       (1,005 )     1,125  
Trademarks   2     720       (720 )     -  
Non-compete   3     180       (170 )     10  
Total acquired intangible assets       $ 10,840     $ (4,108 )   $ 6,732  

  

    Weighted   December 31, 2020  
    Average
Useful Life
(in years)
  Gross Carrying
Amount
    Accumulated Amortization     Net Carrying Amount  
                       
Internally developed technology   10   $ 7,810     $ (1,627 )   $ 6,183  
Customer relationships   6     2,130       (739 )     1,391  
Trademarks   2     720       (720 )     -  
Non-compete   3     180       (125 )     55  
Total acquired intangible assets       $ 10,840     $ (3,211 )   $ 7,629  

 

Amortization expense related to the Company’s intangible assets amounted to $0.3 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and $0.9 million and $1.4 million for the nine months ended September 30, 2021 and 2020, respectively.

 

Estimated amortization expense for the remainder of 2021 and thereafter related to the Company’s intangible assets is as follows (in thousands):

 

       
2021   $ 294  
2022     1,136  
2023     1,136  
2024     1,107  
2025     781  
Thereafter     2,278  
 Total   $ 6,732