Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill for the Company's reportable segments for the years ended December 31, 2023 and 2022, respectively, were as follows:


	Corporate/Other		Total
	(in thousands)
Balance at January 1, 2022	$	1,243	$	1,243
Acquisitions	10,506		10,506

Balance at December 31, 2022	11,749		11,749
Impairment	(11,749)		(11,749)
Balance at December 31, 2023	$	—	$	—

The following table presents details of the Company's other intangible assets at December 31, 2023 and 2022, respectively:


		2023				2022
	Weighted Average life	Cost	Accumulated Amortization	Impairment	Net Carrying Amount	Cost	Accumulated Amortization	Net Carrying Amount
		(in thousands)
Other intangible assets:
Licenses	Indefinite	2,990	—	—	2,990	2,990	—	2,990
Developed Technology	5	5,400	1,219	4,181	—	5,400	139	5,261

Amortization expense for other intangible assets was approximately $1.2 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. In addition, the Company recognized impairment of $4.2 million which is described in further detail below.

The Company does not estimate any amortization expense in the five succeeding fiscal years.

Goodwill and Intangible Asset Impairment

During the three months ended December 31, 2023, there was a change in strategy identified in relation to the Company's goodwill and intangible assets within its Corporate/Other segment. This change in strategy was determined to be a triggering event. This triggering event indicated that it should test the related goodwill balance and long-lived assets for impairment in its Corporate/Other segment.

For goodwill, the Company updated its quantitative impairment assessment for its reporting units, Juxly and MSPNJ, within Corporate/Other segment goodwill based on the most recent data and Company strategy. In performing its quantitative impairment assessment, the fair value of the Company's reporting units was estimated by using a discounted cash flow ("DCF") analysis. The reporting unit goodwill was established in connection with the acquisition of Medical Services Professionals of New Jersey, LLC (“MSPNJ”) and Principium Health, LLC (“Principium”) on February 28, 2019 and Juxly, LLC on November 14, 2022. Based on its quantitative impairment assessment, the Company determined that the fair value of its reporting units within Corporate/Other segment were less than their carrying value. The analysis resulted in a goodwill impairment charge of $11.7 million in the fourth quarter ended December 31, 2023, representing all of the remaining goodwill within the Corporate/Other segment, which is recorded within the Goodwill and intangible assets impairment line item in the audited Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2023.

For indefinite lived intangible assets, the Company tested each asset group within its Corporate/Other segment by first performing a recoverability test, comparing projected discounted cash flows from the use and eventual disposition of each asset group to its carrying value. This test indicated that the undiscounted cash flows were not sufficient to recover the carrying value of certain asset groups. The Company then compared the carrying value of the individual long-lived assets within those asset groups against their fair value in order to determine if impairment existed. Determining the fair value of those asset groups involves the use of significant estimates and assumptions, including projections of revenues and expenses and related cash flows based on assumed long-term growth rates and demand trends, and estimated discount rates based on the asset group's weighted average return on assets, as derived from various methods. As a result, the Company recorded a total impairment charge for intangible assets acquired as part of the Juxly acquisition of approximately $4.2 million for the year ended December 31, 2023. For the year ended December 31, 2022, there were no circumstances that indicate that the carrying amount within goodwill and intangible assets deemed to have an indefinite or definite useful life may not be recoverable. No impairment was recorded during the years ended December 31, 2022 and 2021.