GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company recorded goodwill of $847 on October 31, 2023 in connection with the Singapore Acquisition (See Note 6 for further information on the Singapore Acquisition).

For the six months ended June 30, 2024 and the twelve months ended December 31, 2023, the changes in carrying amount of goodwill were as follows:

	Carrying Value
	2024
Goodwill, January 1,	$	5,749
Currency translation	(25)
Goodwill, June 30, 2024	$	5,724

	Carrying Value
	2023
Goodwill, January 1,	$	4,875
Acquisitions	847
Currency translation	27
Goodwill, December 31, 2023	$	5,749

Intangible Assets

The Company’s intangible assets consisted of the following components as of June 30, 2024 and December 31, 2023:

June 30, 2024	Weighted Average Remaining Amortization Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	3.1	$	146	$	(107)	$	39
Trade name	6.4	1,635		(622)		1,013
Customer lists	3.0	3,955		(2,046)		1,909
Developed technology	0.5	657		(578)		79
		$	6,393	$	(3,353)	$	3,040

December 31, 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

Amortization expense for the three and six months ended June 30, 2024 was $295 and $582, 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 six months ended June 30, 2024 and 2023.

Estimated future amortization expense for intangible assets for the remainder of the fiscal year ending December 31, 2024, and for each of the next fiscal years are as follows:

2024	$	547
2025	870
2026	634
2027	549
2028	129
Thereafter	311
	$	3,040

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

	January 1, 2024 Beginning Balance		Amortization		Translation and Other		June 30, 2024 Ending Balance
Non-compete agreements	$	49	$	(9)	$	(1)	$	39
Trade name	1,123		(109)		(1)		1,013
Customer lists	2,267		(355)		(3)		1,909
Developed technology	189		(109)		(1)		79
	$	3,628	$	(582)	$	(6)	$	3,040