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Intangible Assets and Goodwill | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2024 | Dec. 31, 2023
Intangible Assets and Goodwill [Abstract] |  |
Intangible Assets and Goodwill | Note 5. Intangible Assets and Goodwill As a result of the merger with QPhoton in June 2022 (the “QPhoton Merger”), the Company has the following amounts related to intangible assets (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Non-compete agreement with founder |  | $ | 3,251 |  |  | $ | (2,528 | ) |  | $ | 723 |  |  | $ | 3,251 |  |  | $ | (1,715 | ) |  | $ | 1,536 |
Website domain name and trademark |  |  | 1,009 |  |  |  | (471 | ) |  |  | 538 |  |  |  | 1,009 |  |  |  | (320 | ) |  |  | 689 |
Technology and licensed patents |  |  | 12,731 |  |  |  | (4,244 | ) |  |  | 8,487 |  |  |  | 12,731 |  |  |  | (2,880 | ) |  |  | 9,851 |
Total |  | $ | 16,991 |  |  | $ | (7,243 | ) |  | $ | 9,748 |  |  | $ | 16,991 |  |  | $ | (4,915 | ) |  | $ | 12,076 |
The amortization expense of the Company’s intangible assets for the three and nine months ended September 30, 2024 and 2023 was approximately $780 thousand and $2.3 million, respectively. The Company expects future amortization expense to be the following (in thousands):
|  | Amortization |
2024 (remaining three months) |  | $ | 776 |
2025 |  |  | 2,472 |
2026 |  |  | 2,021 |
2027 |  |  | 1,903 |
2028 |  |  | 1,819 |
Thereafter |  |  | 757 |
Total |  | $ | 9,748 |
The Company recorded goodwill resulting from the QPhoton Merger, calculated as the difference between the total purchase price and the value of tangible and intangible assets acquired less the liabilities assumed. The Company recorded goodwill of $55.6 million resulting from the QPhoton Merger. The Company considered the intangible assets and goodwill for indicators of impairment as of September 30, 2024 and concluded there were no indicators of impairment at that time. | Note 5 – Intangible Assets and Goodwill As a result of the merger with QPhoton, the Company has the following amounts related to intangible assets (in thousands):
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Non-compete agreement with founder |  | $ | 3,251 |  |  | $ | (1,716 | ) |  | $ | 1,535 |  |  | $ | 3,251 |  |  | $ | (632 | ) |  | $ | 2,619 |
Website domain name and trademark |  |  | 1,009 |  |  |  | (320 | ) |  |  | 689 |  |  |  | 1,009 |  |  |  | (118 | ) |  |  | 891 |
Technology and licensed patents |  |  | 12,731 |  |  |  | (2,880 | ) |  |  | 9,851 |  |  |  | 12,731 |  |  |  | (1,061 | ) |  |  | 11,670 |
Total |  | $ | 16,991 |  |  | $ | (4,915 | ) |  | $ | 12,076 |  |  | $ | 16,991 |  |  | $ | (1,811 | ) |  | $ | 15,180 |
The amortization expense of the Company’s intangible assets for the years ended December 31, 2023 and 2022 was $3.1 million and $1.8 million, respectively. The Company expects future amortization expense to be the following (in thousands):
|  | Amortization |
2024 |  | $ | 3,104 |
2025 |  |  | 2,472 |
2026 |  |  | 2,021 |
2027 |  |  | 1,903 |
2028 |  |  | 1,819 |
Thereafter |  |  | 757 |
Total |  | $ | 12,076 |
The Company recorded goodwill resulting from the Transactions, calculated as the difference between the total purchase price and the value of tangible and intangible assets acquired less the liabilities assumed. The Company recorded goodwill of $55.6 million resulting from the Transactions. The following table provides a summary of the changes in goodwill for the years ended December 31, 2023 and 2022 (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Goodwill, at beginning of year |  | $ | 55,573 |  |  | $ | - |
Goodwill additions |  |  | - |  |  |  | 55,573 |
Goodwill, at end of year |  | $ | 55,573 |  |  | $ | 55,573 |
The Company tested the intangible assets and goodwill for impairment as of December 31, 2023 and concluded there was no impairment of intangible assets or goodwill at that time.

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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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