Post-effective amendment to a registration statement that is not immediately effective upon filing

GOODWILL AND INTANGIBLE ASSETS, NET

v3.22.1
GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

7. GOODWILL AND INTANGIBLE ASSETS, NET

 

The Company has goodwill of $13.6 million resulting from its acquisition of Mimosa Networks, Inc. (“Mimosa”) in November 2018.

 

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

 

                             
    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  

 

    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  

 

The Company’s intangible assets include internally developed technology, customer relationships, trademarks and non-compete agreements. Amortization expense related to the Company’s intangible assets amounted to $1.2 million and $1.7 million for the years ended December 31, 2021 and 2020, respectively.

 

Estimated amortization expense for the next five years and thereafter related to the Company’s intangible assets is as follows (in thousands):

 

         
2022     $ 1,136  
2023       1,136  
2024       1,107  
2025       781  
2026       781  
Thereafter       1,497  
Total     $ 6,438