XML 46 R30.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Goodwill and Intangible Assets | 3 Months Ended
--- | ---
Mar. 31, 2024
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | 23. Goodwill and Intangible Assets Goodwill The table below sets forth goodwill which is tested annually for impairment on November 30th:
|  |  | Total
Balance at January 1, 2024 |  |  | $ | 86,841 |
Changes |  |  |  | — |
Balance at March 31, 2024 |  |  | $ | 86,841 |
Of the total goodwill of $86,841 at March 31, 2024, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes. Intangible Assets The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30th:
|  | Balance at March 31, 2024
Item |  | Gross Asset |  | Accumulated Amortization |  | Net Asset
ETFS Acquisition |  | $ | 601,247 |  |  | $ | — |  |  | $ | 601,247 |
Software development |  |  | 5,111 |  |  |  | (1,011 | ) |  |  | 4,100 |
Balance at March 31, 2024 |  | $ | 606,358 |  |  | $ | (1,011 | ) |  | $ | 605,347 |
|  | Balance at December 31, 2023
Item |  | Gross Asset |  | Accumulated Amortization |  | Net Asset
ETFS Acquisition |  | $ | 601,247 |  |  | $ | — |  |  | $ | 601,247 |
Software development |  |  | 4,519 |  |  |  | (684 | ) |  |  | 3,835 |
Balance at December 31, 2023 |  | $ | 605,766 |  |  | $ | (684 | ) |  | $ | 605,082 |
ETFS Acquisition (Indefinite-Lived) In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes. Software Development (Finite-Lived) Internally-developed software is amortized over a useful life of three years. During the three months ended March 31, 2024 and 2023, the Company recognized amortization expense on internally-developed software of $327 and $51, respectively. As of March 31, 2024, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:
Remainder of 2024 |  |  | $ | 1,276 |
2025 |  |  |  | 1,655 |
2026 |  |  |  | 1,073 |
2027 |  |  |  | 96 |
2028 and thereafter |  |  |  | — |
Total expected amortization expense |  |  | $ | 4,100 |
The weighted-average remaining useful life of the finite-lived intangible assets is 2.5 years.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration