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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

4. Goodwill and Intangible Assets

The change in the carrying amount of goodwill for the six months ended June 30, 2023 was as follows (in thousands):


Balance - January 1, 2023	$	2,038
Foreign currency translation adjustment		31
Balance - June 30, 2023	$	2,069

The fair value measurement of goodwill for the Agility segment was classified within Level 3 of the fair value hierarchy because the Company used the income approach, which utilizes significant inputs that are unobservable in the market and the market multiple approach using comparable entities to further validate the carrying values. The Company believes it made reasonable estimates and assumptions to calculate the fair value of the reporting unit as of the impairment test measurement date. The carrying value of Goodwill was $2.1 million as of June 30, 2023, and $2.0 million as of December 31, 2022.

Information regarding the Company acquired intangible assets and capitalized developed software was as follows (in thousands):


	June 30, 2023
					Foreign
	Gross				Currency		Net
	Carrying		Accumulated		Translation		Carrying
	Value		Amortization		Adjustment		Value
Acquired Intangible Assets
Developed technology	$	2,999	$	(2,489)	$	7	$	517
Customer relationships		2,096		(1,557)		8		547
Trademarks and tradenames		852		(747)		2		107
Patents		43		(38)		-		5
Media Contact Database		3,492		(2,445)		17		1,064
Total Acquired Intangible Assets	$	9,482	$	(7,276)	$	34	$	2,240

Capitalized Developed Software
Capitalized Developed Software	$	12,608	$	(5,419)	$	88	$	7,277
Capitalized Developed Software - in Progress		3,979		-		(7)		3,972
Total Capitalized Developed Software	$	16,587	$	(5,419)	$	81	$	11,249

Total	$	26,069	$	(12,695)	$	115	$	13,489


	December 31, 2022
					Foreign
	Gross				Currency		Net
	Carrying		Accumulated		Translation		Carrying
	Value		Amortization		Adjustment		Value
Acquired Intangible Assets
Developed technology	$	3,169	$	(2,468)	$	(43)	$	658
Customer relationships		2,228		(1,560)		(42)		626
Trademarks and tradenames		880		(740)		(8)		132
Patents		45		(38)		1		8
Media Contact Database		3,648		(2,358)		(68)		1,222
Total Acquired Intangible Assets	$	9,970	$	(7,164)	$	(160)	$	2,646

Capitalized Developed Software
Capitalized Developed Software	$	11,845	$	(4,398)	$	(348)	$	7,099
Capitalized Developed Software - in Progress		2,787		-		(6)		2,781
Total Capitalized Developed Software	$	14,632	$	(4,398)	$	(354)	$	9,880

Total	$	24,602	$	(11,562)	$	(514)	$	12,526

Amortization expense relating to acquired intangible assets was $0.2 million for each of the three-month periods ended June 30, 2023 and 2022. Amortization expense relating to acquired intangible assets was $0.4 million and $0.5 million for the six-month periods ended June 30, 2023 and 2022, respectively.

Amortization expense relating to capitalized developed software was $0.6 million and $0.4 million for the three-month periods ended June 30, 2023 and 2022, respectively. Amortization expense relating to capitalized developed software was $1.2 million and $0.8 million for the six-month periods ended June 30, 2023 and 2022, respectively.

As of June 30, 2023, estimated future amortization expense for intangible assets was as follows (in thousands):


Year	Amortization
2023	$	3,049
2024		4,378
2025		3,451
2026		940
2027		460
Thereafter		1,211
	$	13,489