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INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 6 – INTANGIBLE ASSETS, NET

 

The following table shows the components of intangible assets, net (in thousands):

 

 

Useful Lives (in Years)

 

June 30, 2024

 

 

December 31, 2023

 

Trade name

 

10-15

 

$

2,081

 

 

$

1,280

 

Developed Technology

 

13-20

 

 

3,468

 

 

 

270

 

Customer Relationships

 

20

 

 

3,890

 

 

 

—

 

Total intangible assets

 

 

 

 

9,439

 

 

 

1,550

 

Less: accumulated amortization

 

 

 

 

(1,477

)

 

 

(1,334

)

Intangible assets, net

 

 

 

$

7,962

 

 

$

216

 

 

 

Total amortization expense for the three months ended June 30, 2024 and 2023 was approximately $112 thousand and $12 thousand, respectively. Total amortization expense for the six months ended June 30, 2024 and 2023 was approximately $143 thousand and $24 thousand, respectively.