Goodwill

The Company recognized $14.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024, as further described in Note 2. Business Combination. The carrying value of goodwill as of June 30, 2024 and December 31, 2023 was $14.2 million and $0, respectively.

In accordance with ASC Topic 350, Intangibles - Goodwill and Other, the Company did not record any goodwill impairment losses during the three and six months ended June 30, 2024. Goodwill represents the future economic benefit attributable to the Barnes & Noble Education's assembled workforce, which is not individually and separately recognized as an intangible asset. As such, the carrying value of goodwill has been allocated to the Barnes & Noble Education Segment and none of the goodwill has been allocated to the Immersion Segment.

Intangible Assets, net

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Condensed Consolidated Balance Sheets as of June 30, 2024 (in thousands):

		As of June 30, 2024
		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount	Weighted-average remaining life (Years)
Trade name	$	45,000	$	—		$	45,000	Infinite
Customer relationships		50,000		(214	)		49,786	13
Total	$	95,000	$	(214	)	$	94,786

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortization.

Amortization expense was $0.3 million for the three and six months ended June 30, 2024. We did not have amortization expense in the three and six month ended in June 30, 2023.

Estimated amortization expense of the intangible assets to be recognized by the Company are as follows (in thousands):

Year ended December 31,
Remainder of 2024	$	1,923
2025		3,846
2026		3,846
2027		3,846
Thereafter		36,325
Total	$	49,786