GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

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

	December 31,
	2021		2020
Beginning balance	$	76,039	$	—
Goodwill arising from business combination	—		76,039
Goodwill impairment	$	(76,039)	—
Ending balance	$	—	$	76,039

The Company determined the sustained decrease in our share price in the fourth quarter of 2021, along with a significant decline to the equity value of the Company's peers, represented a goodwill impairment triggering event. The Company performed a quantitative analysis as of December 31, 2021 to determine if impairment to our goodwill existed for the one reporting unit. We used a blended approach in calculating fair value of our one reporting unit including the income approach and market approach. This analysis resulted in full impairment of our goodwill balance totaling $76,039 included in goodwill and asset impairments charges on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. The goodwill impairment was measured as the amount by which the carrying value of the reporting unit, including goodwill, exceeded its fair value.

Intangible Assets

Details of the Company’s intangible assets subject to amortization and indefinite-lived intangible assets and their respective carrying amounts are as follows:

	As of December 31, 2021
	Weighted-Average Remaining Useful Life (in years)	Gross		Accumulated Amortization		Net
Definite-lived intangibles assets(1):
Software	1.67	$	3,993	$	(2,342)	$	1,651
Patents	18.37	352		(24)		328
Internal use software in process	—	714		—		714
Indefinite lived intangible assets:
Internet domain name		150		—		150
Total		$	5,209	$	(2,366)	$	2,843

(1) The factors listed above representing a goodwill triggering event also indicated a triggering event for the Company's customer relationships and trade name intangible assets acquired with the acquisition of Abacus.

The Company performed a quantitative analysis as of December 31, 2021 to determine if impairment existed by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over their remaining lives. This analysis resulted in full impairment of the customer relationships and trade name intangible assets acquired and total an impairment loss of $19,750 was recorded in goodwill and asset impairments charges on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2021.

	As of December 31, 2020
	Weighted-Average Remaining Useful Life (in years)	Gross		Accumulated Amortization		Net
Definite-lived intangibles assets:
Software	2.49	$	3,789	$	(1,156)	$	2,633
Customer relationships	9.44	22,700		(1,269)		21,431
Trade names	9.44	700		(39)		661
Patents	18.66	201		(8)		193
Internal use software in process	—	308		—		308
Indefinite lived intangible assets:
Internet domain name	—	150		—		150
Total		$	27,848	$	(2,472)	$	25,376

For the years ended December 31, 2021 and December 31, 2020, amortization expense of $3,544 and $2,008, respectively, was recorded in Selling, general, and administrative expense in the consolidated statements of operations and comprehensive loss.

As of December 31, 2021, expected amortization of intangible assets is as follows:

Year Ending December 31:
2022	$	1,065
2023	606
2024	35
2025	18
2026	18
Thereafter	237
Total future amortization	$	1,979