Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired less liabilities assumed arising from business combinations. The changes in the carrying amounts of goodwill for the year ended December 31, 2020 is due to the acquisition of Polyrize. For additional information regarding the acquisition, see Note 8.

The following table reflects goodwill activity for the year ended December 31, 2020:

	Amount (In thousands)
Balance at December 31, 2019	$	—
Goodwill acquired	23,135
Balance at December 31, 2020	$	23,135

All goodwill balances are subject to annual goodwill impairment testing. As of December 31, 2020, the Company performed a qualitative analysis and concluded that no impairment for goodwill, including intangibles, was required.

Intangible Assets

Total cost and amortization of intangible assets comprised of the following:

Intangible assets, net	Estimated Useful Life (in years)	December 31, 2020
Developed technology & trademarks	4	$	6,110
Total intangible assets		6,110
Less: Accumulated amortization		264
Total intangible assets, net		$	5,846

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $264 for the year ended December 31, 2020.

The following table summarizes estimated future amortization expense of our intangible assets as of December 31, 2020 (in thousands):

Years ending December 31,	Amount (In thousands)
2021	$	1,533
2022	1,525
2023	1,525
2024	1,263
Total future amortization expense	$	5,846