Goodwill and Intangible Assets

9 Months Ended

Sep. 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 nine months ended September 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	September 30, 2023
Intangible assets, net	(in years)	(unaudited)
Developed technology & trademarks	4	$	6,110
Total intangible assets		6,110
Less: Accumulated amortization		4,466
Total intangible assets, net		$	1,644

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $382 and $1,144 for the three and nine months ended September 30, 2023 and 2022, respectively.

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

Years ending December 31,	Amount (unaudited)
2023	$	381
2024	1,263
Total future amortization expense	$	1,644