Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

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 Company believes the goodwill represents the synergies expected from expanded market opportunities when integrating with its offerings.

There were no additions, impairments or any other changes to the carrying amount of goodwill during the three and six months ended June 30, 2023 or during prior periods.

Intangible Assets

Total cost and amortization of intangible assets is comprised of the following (in thousands, except useful life):

	Estimated Useful Life	June 30, 2023
Intangible assets, net	(in years)	(unaudited)
Developed technology & trademarks	4	$	6,110
Total intangible assets		6,110
Less: Accumulated amortization		4,085
Total intangible assets, net		$	2,025

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $381 and $762 for the three and six months ended June 30, 2023 and 2022, respectively.

The following table summarizes estimated future amortization expense of our intangible assets as of June 30, 2023 (in thousands):

Years ending December 31,	Amount (unaudited)
2023	$	762
2024	1,263
Total future amortization expense	$	2,025