Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

v3.23.1
GOODWILL AND INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

4. GOODWILL AND INTANGIBLE ASSETS, NET

 

The Company had goodwill of $13.6 million as of March 31, 2023 and December 31, 2022 resulting from a prior acquisition. Goodwill and Intangible assets, net are classified as Assets Held for Sale – Noncurrent at March 31, 2023.

 

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

 

                           
    Weighted   March 31, 2023  
    Average
Useful Life
(in years)		   Gross
Carrying
Amount		     Accumulated
Amortization		     Net
Carrying
Amount		  
Internally developed technology   10   $ 7,810     $ (3,319 )   $ 4,491  
Customer relationships   6     2,130       (1,509 )     621  
Trademarks   2     720       (720 )     -  
Non-compete   3     180       (180 )     -  
Total acquired intangible assets       $ 10,840     $ (5,728 )   $ 5,112  

 

    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 $0.2 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

 

There will be no further amortization expense for the remainder of 2023 and thereafter related to the Company’s intangible assets as the long-lived assets in the disposal group should be recorded at the carrying amount at the time the assets are accounted as held for sale.