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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The components of goodwill as of December 31, 2024 are:
(in thousands) |  |  |  |  |  |  | As of December 31, 2024
GC Data Center Acquisition |  |  |  |  |  |  |  | $ | 30,852 |
Garden City Acquisition |  |  |  |  |  |  |  | 14,510 |
Arkon Acquisition |  |  |  |  |  |  |  | 37,389 |
Total goodwill |  |  |  |  |  |  |  | $ | 82,751 |
The Company acquired goodwill from completed acquisitions throughout the year ended December 31, 2024. Refer to Note 3 – Acquisitions, for further information. There was no goodwill as of December 31, 2023. The Company completed its annual goodwill impairment analysis as of December 31, 2024 and concluded that its fair value substantially exceeded its carrying value, therefore no goodwill impairment was recorded as of December 31, 2024 Intangible assets The following table presents the Company’s intangible assets as of December 31, 2024:
|  | As of December 31, 2024
(in thousands) |  | Cost |  | Accumulated amortization |  |  |  | Net
Customer relationships |  | $ | 23,000 |  |  | $ | (22,041) |  |  |  |  | $ | 959 |
Intellectual property |  | 2,633 |  |  | (878) |  |  |  |  | 1,755 |
Total intangible assets |  | $ | 25,633 |  |  | $ | (22,919) |  |  |  |  | $ | 2,714 |
In June 2024, the Company fully amortized the customer relationship intangible assets acquired in the GC Data Center Acquisition due to the Company’s strategic decision to exit hosting services business and termination of customer relationships during the period. In connection with the Arkon Acquisition in November 2024, the Company acquired an additional customer relationship intangible asset. Refer to Note 3 - Acquisitions, for further information. There were no intangible assets as of December 31, 2023. The following table presents the Company’s estimated future amortization of finite-lived intangible assets as of December 31, 2024:
Year |  | Amount (in thousands)
2025 |  | $ | 1,128 |
2026 |  | 1,128 |
2027 |  | 250 |
2028 |  | 208 |
Total |  | $ | 2,714 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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