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INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2021

NOTE 7 – INTANGIBLE ASSETS AND GOODWILL

Intangible assets and goodwill consisted of the following at December 31, 2021 and 2020 (in thousands):




	Useful lives	2021		2020

Patents	4-10 years	$	182	$	182
Customer relationships	8-15 years		55,158		46,613
Technology	3 to 5 years		8,901		3,900
Domain	7 years		14		14
Non-compete	8-15 years		391		—
Tradenames	2-10 years		13,085		9,682

Intangible assets, at cost			77,731		60,391
Accumulated amortization			(12,199)		(5,235)
Intangible assets, net of accumulated amortization		$	65,532	$	55,156

Goodwill from acquisition of Mimio	Indefinite	$	45	$	45
Goodwill from acquisition of Sahara	Indefinite		17,990		17,990
Goodwill from acquisition of Interactive Concepts	Indefinite		375		—
Goodwill from acquisition of FrontRow	Indefinite		2,920		—
Goodwill from acquisition of STEM	Indefinite		29		29
Goodwill from acquisition of Boxlight	Indefinite		4,137		4,137
Goodwill from acquisition of EOS	Indefinite		78		78
Goodwill from acquisition of Qwizdom	Indefinite		463		463
		$	26,037	$	22,742

For the years ended December 31, 2021 and 2020, the Company recorded amortization expense of $7.0 million and $2.5 million, respectively.

As of December 31, 2021, we had $26.0 million of goodwill, of which $8.0 million was allocated to a reporting unit with a negative carrying amount.

Expected future amortization expense for intangible assets as of December 31, 2021 is as follows:

(in thousands)