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

*During the three months ended December 31, 2019, the Company completed the acquisition of a 51.0% interest in Tree Technologies, a Malaysian company engaged in the EV market. The Company adjusted goodwill balance in connection with the completion of acquisition accounting. Refer to Note 6(a) for additional information.

Intangible Assets

The following table summarizes information regarding amortizing and indefinite lived intangible assets (in thousands):


			September 30, 2020								December 31, 2019
	Weighted
	Average		Gross								Gross
	Remaining		Carrying		Accumulated		Impairment		Net		Carrying		Accumulated		Impairment		Net
	Useful Life		Amount		Amortization		Loss		Balance		Amount		Amortization		Loss		Balance
Amortizing Intangible Assets
Software and licenses		—	$	94	$	(94)	$	—	$	—	$	97	$	(97)	$	—	$	—
Solid Opinion IP (a)		3.4		4,655		(1,474)		—		3,181		4,655		(776)		—		3,879
Fintalk intangible assets (b)		—		635		(635)		—		—		635		(635)		—		—
Influencer network (c)		7.9		1,980		(413)		—		1,567		1,980		(264)		—		1,716
Customer contract (c)		0.9		500		(347)		—		153		500		(222)		—		278
Continuing membership agreement (d)		18.8		8,255		(516)		—		7,739		8,255		(206)		—		8,049
Customer list		1.8		59		(25)		—		34		59		(10)		—		49
Trade name (c)		12.9		110		(15)		—		95		110		(10)		—		100
Technology platform (c)		4.9		290		(86)		—		204		290		(55)		—		235
Land use rights (e)		98.3		27,211		(69)		—		27,142		27,079		—		—		27,079
Marketing and distribution agreement (e)		19.8		12,385		(155)		—		12,230		11,333		—		—		11,333
Total				56,174		(3,829)		—		52,345		54,993		(2,275)		—		52,718
Indefinite lived intangible assets
Website name				25		—		—		25		25		—		—		25
Patent				28		—		—		28		28		—		—		28
Total			$	56,227	$	(3,829)	$	—	$	52,398	$	55,046	$	(2,275)	$	—	$	52,771

(a)

During the three months ended March 31, 2019, the Company completed the acquisition of certain assets from SolidOpinion in exchange for 4.5 million shares of the Company’s common stock with a fair value of $7.2 million. The assets acquired included cash of $2.5 million and intellectual property (“IP”) which is complementary to the IP of Grapevine. The parties agreed that 0.5 million of such shares of common stock (“Escrow Shares”) would be held in escrow until February 19, 2020 in connection with SolidOpinion’s indemnity obligations pursuant to the agreement. SolidOpinion had the rights to vote and receive the dividends paid with respect to the Escrow Shares. The Escrow Shares were scheduled to be released on February 19, 2020, and were released in April 2020.

(b)

In September 2018, the Company entered into an agreement to purchase Fintalk Assets from Sun Seven Star International Limited, a Hong Kong company and an affiliate of Dr. Wu. FinTalk Assets included the rights, titles, and interest in a secure mobile financial information, social, and messaging platform that had been designed for streamlining financial-based communication for professional and retail users. The initial purchase price for the Fintalk Assets was $7.0 million payable with $1.0 million in cash and shares of the Company’s common stock with a fair

market value of $6.0 million. The Company paid $1.0 million in October 2018 and recorded this amount in prepaid expenses as of December 31, 2018 because the transaction had not closed. The purchase price was later amended to $6.4 million, payable with $1.0 million in cash and shares of the Company’s common stock with a value of $5.4 million. The Company issued 2.9 million common shares in June 2019 and completed the transaction. In the three months ended December 31, 2019, management determined these assets had no future use and recorded an impairment loss of $5.7 million.

(c)	During the three months ended September 30, 2018, the Company completed the acquisition of 65.7% share of Grapevine. Refer to Note 6(b).

(d)	During the three months ended September 30, 2019, the Company completed the acquisition of additional shares in DBOT, which increased its ownership to 99.0 %. Intangible assets of $8.3 million were recognized on the date of acquisition. Refer to Note 6(c).

(e)

During the three months ended December 31, 2019, the Company completed the acquisition of a 51.0% interest in Tree Technologies, a Malaysian company engaged in the EV market. In connection with the completion of acquisition accounting, the Company revised the estimated useful life of the marketing and distribution agreement from 5 to 20 years. As amortization of this agreement had not commenced, the revision of the estimated useful life had no effect on the condensed consolidated financial statements. Refer to Note 6(a) for additional information.

Amortization expense relating to intangible assets was $0.7 million and $0.8 million for the three months ended September 30, 2020 and 2019, respectively, and $1.6 million and $1.3 million for the nine months ended September 30, 2020 and 2019, respectively.

The following table summarizes the expected amortization expense for the following years (in thousands):


		Amortization
		to be
Years ending December 31,		recognized
2020 (excluding the nine months ended September 30, 2020)	$	668
2021		2,615
2022		2,494
2023		2,485
2024		1,709
2025 and thereafter		42,374
Total	$	52,345