Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

3. Goodwill and Intangible Assets

Intangible assets, net consisted of intangible assets resulting from the acquisition of NetComm and purchased software to be used in the Company’s products. Intangible assets, net consisted of the following at March 31, 2022 and December 31, 2021, respectively:

	Cost		Accumulated Amortization			Net Balance
Developed Technology	$	25,000	$	(9,823	)	$	15,177
Customer Relationships		18,000		(4,950	)		13,050
Trade Name		1,000		(917	)		83
Purchased software		1,836		(531	)		1,305
Totals as of March 31, 2022	$	45,836	$	(16,221	)	$	29,615

	Cost		Accumulated Amortization			Net Balance
Developed Technology	$	25,000	$	(8,930	)	$	16,070
Customer Relationships		18,000		(4,500	)		13,500
Trade Name		1,000		(830	)		170
Purchased software		1,832		(428	)		1,404
Totals as of December 31, 2021	$	45,832	$	(14,688	)	$	31,144

As of March 31, 2022, amortization expense on existing intangible assets for the next five years and beyond is as follows:

Year Ending December 31,
Remainder of 2022	$	4,430
2023		5,766
2024		5,662
2025		5,651
2026		3,606
Thereafter		4,500
	$	29,615

A summary of amortization expense recorded during the three months ended March 31, 2022 and 2021 is as follows:

	Three Months Ended March 31,
	2022		2021
Product cost of revenue	$	893	$	893
Research and development		103		82
Selling, general and administrative		537		533
Totals	$	1,533	$	1,508

The Company’s goodwill is the result of its acquisition of NetComm on July 1, 2019 and represents the excess of purchase price over the estimated fair value of net assets acquired. There has been no change to the $50,177 carrying amount of goodwill since December 31, 2021.