| 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):
| Schedule of Intangible assets, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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):
| Schedule of estimated amortization expense |
|
|
|
|
| 2021 |
|
$ |
294 |
|
| 2022 |
|
|
1,136 |
|
| 2023 |
|
|
1,136 |
|
| 2024 |
|
|
1,107 |
|
| 2025 |
|
|
781 |
|
| Thereafter |
|
|
2,278 |
|
| Total |
|
$ |
6,732 |
|
|