Note 7 - Intangible Assets, Net and Goodwill

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

7. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Intangible assets consisted of the following:

	December 31,
	2023			2022
Amortizable intangible assets:
Patents	$	873		$	575
Trademarks		248			150
Purchased software and technology		1,752			1,962
Customer Relationship		160			-
		3,033			2,687
Accumulated amortization		(806	)		(462	)
Total amortizable		2,227			2,225
Indefinite life assets (non-amortizable)		421			344
Total intangible assets, net	$	2,648		$	2,569

Amortization expenses were $345 and $287 for the years ended December 31, 2023 and 2022, respectively.

The purchase of Intrensic in August 2023 resulted in several intangible assets recognized on the balance sheet including $80 in trademarks, $490 in purchased technology and $160 in customer relationships.

The Company determined in December 2023 that the intangible related to software developed by Lumeto would not have future economic benefit and the value of the intangible was written down, incurring a loss on impairment of $700.

At December 31, 2023, annual amortization of intangible assets, based upon the Company’s existing intangible assets and current useful lives, is estimated to be the following:

2024	$	427
2025		422
2026		335
2027		185
2028		185
Thereafter		673
Total estimated amortization expense	$	2,227

Goodwill

The table below summarizes the changes in the carrying amount of goodwill:

Balance at January 1, 2023	$	-
Acquired goodwill		1,610
Balance at December 31, 2023	$	1,610

Goodwill acquired in 2023 relates to the purchase of Intrensic in August 2023.