GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company recorded goodwill of $847 on October 31, 2023 in connection with the Singapore Acquisition and $687 on August 19, 2022 in connection with the HnB Acquisition. (See Note 5 for further information on the Singapore Acquisition and the HnB Acquisition).

For the years ended December 31, 2023 and 2022, the changes in carrying amount of goodwill were as follows:


	Carrying Value
	2023		2022
Goodwill, January 1	$	4,875	$	4,219
Acquisition	847		687
Currency translation	27		(31)
Goodwill, December 31	$	5,749	$	4,875

On October 1, 2023, the Company applied ASC 350, and performed quantitative assessments to determine whether it was more likely than not that the fair value of its reporting units was less than their carrying values. To estimate the fair value of these reporting units, the Company used both an income approach and a market approach. The income approach required management to make significant estimates and judgments regarding future cash flows that were based on a number of factors including actual operating results, forecasted revenue and expenses, discount rate assumptions, and long-term growth rate assumptions. The market approach required the use of multiples based on financial metrics for both acquisitions and peer group companies. The Company did not recognize any impairment of goodwill related to these acquisitions. At the conclusion of its assessment, the Company determined the fair value of the reporting units exceeded their carrying values. As such, the Company determined that no impairment of goodwill had taken place as of December 31, 2023.

Intangible Assets

For the years ended December 31, 2023 and 2022, the Company’s Intangible assets consisted of the following components:


2023	Weighted Average Remaining Amortization Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	3.4	$	147	$	(98)	$	49
Trade name	6.7	1,638		(515)		1,123
Customer lists	3.5	3,957		(1,690)		2,267
Developed technology	0.9	657		(468)		189
		$	6,399	$	(2,771)	$	3,628


2022	Weighted Average Remaining Amortization Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	0.9	$	118	$	(85)	$	33
Trade name	7.1	1,548		(312)		1,236
Customer lists	4.3	3,857		(1,001)		2,856
Developed technology	1.8	640		(249)		391
		$	6,163	$	(1,647)	$	4,516

Amortization expense for the years ended December 31, 2023 and 2022 was $1,124 and $1,115, respectively. Intangible assets are amortized on a straight-line basis over their estimated useful lives. No impairment in the value of amortizable intangible assets was recognized during the years ended December 31, 2023 or 2022.

Estimated future amortization expense for intangible assets for the remainder of the fiscal year ending December 31, 2023, and for each of the next fiscal years are as follows:


2024	$	1,130
2025	871
2026	635
2027	550
2028	129
Thereafter	313
	$	3,628

The change in the book value of amortizable intangible assets is as follows:


	January 1, 2023 Beginning Balance		Acquisition		Amortization		Translation and Other		December 31, 2023 Ending Balance
Non-compete agreements	$	33	$	28	$	(14)	$	2	$	49
Trade name	1,236		87		(202)		2		1,123
Customer lists	2,856		97		(689)		3		2,267
Developed technology	391		—		(219)		17		189
	$	4,516	$	212	$	(1,124)	$	24	$	3,628


	January 1, 2022 Beginning Balance		Acquisition		Amortization		Translation and Other		December 31, 2022 Ending Balance
Non-compete agreements	$	30	$	40	$	(35)	$	(2)	$	33
Trade name	1,382		50		(194)		(2)		1,236
Customer lists	3,472		60		(673)		(3)		2,856
Developed technology	604		—		(213)		—		391
	$	5,488	$	150	$	(1,115)	$	(7)	$	4,516