INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

7. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Intangible assets consisted of the following:

	December 31,
	2024			2023
Amortizable intangible assets:
Patents	$	1,013		$	873
Trademarks		264			248
Purchased software and technology		1,752			1,752
Customer Relationship		160			160
		3,189			3,033
Accumulated amortization		(1,256	)		(806	)
Total amortizable		1,933			2,227
Indefinite life assets (non-amortizable)		421			421
Total intangible assets, net	$	2,354		$	2,648

Amortization expenses were $450 and $345 for the years ended December 31, 2024 and 2023, respectively.

The Intrensic Acquisition 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, 2024, annual amortization of intangible assets, based upon the Company’s existing intangible assets and current useful lives, is estimated to be the following:

2025	$	453
2026		366
2027		216
2028		216
2029		184
Thereafter		498
Total estimated amortization expense	$	1,933

Goodwill

The Company recorded an initial goodwill of $1,610 related to the purchase of Intrensic in August 2023.

During 2024, the Company recorded an increase of $21 to goodwill as result of additional liabilities assumed related to the August 2023 Intrensic Acquisition.

In December 2024, the Company assessed the fair value of its Intrensic unit and determined that its carrying value exceeded its fair value by $1,631 and therefore the Company recorded a $1,631 impairment charge related to the goodwill initially recorded from the 2023 acquisition.

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

Balance at January 1, 2024	$	1,610
Additional liabilities recorded post-acquisition		21
Impairment charge		(1,631	)
Balance at December 31, 2024	$	-