INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

11. INTANGIBLE ASSETS, NET

At December 31, 2023 and 2022, intangible assets consisted of:

Definite lived intangible assets:	Useful Life	December 31, 2023			December 31, 2022
Developed technology	3-8 years	$	1,949,000		$	24,584,000
Customer list	8-10 years		3,596,000			5,865,000
Trade names	5-10 years		1,030,000			4,316,000
Domain name and other intangible assets	5 years		612,000			630,000
			7,187,000			35,395,000
Accumulated amortization			(1,910,000	)		(2,102,000	)
Total definite-lived intangible assets		$	5,277,000		$	33,293,000
Indefinite lived intangible assets:
Trade name and trademark	Indefinite life		477,000			1,493,000
Total intangible assets, net		$	5,754,000		$	34,786,000

The Company’s trademarks and certain trade names were determined to have an indefinite life. The remaining definite lived intangible assets are primarily being amortized on a straight-line basis over their estimated useful lives. Amortization expense was $1.0 million for each of the years ended December 31, 2023 and 2022.

The customer relationships, developed technology and certain trade names are subject to amortization over their estimated useful lives, which range between 5 and 10 years with an average remaining useful life of 7.9 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

2024	$	724,000
2025		724,000
2026		724,000
2027		724,000
2028		724,000
Thereafter		1,657,000
	$	5,277,000

During the year ended December 31, 2023, the Company recognized $24.7 million and $1.5 million impairment of intangible assets related to AVLP and Microphase, respectively. During the year ended December 31, 2022, the Company recognized no impairment of intangible assets. Intangible assets decreased $3.9 million during the year ended December 31, 2023 from the deconsolidation of SMC.