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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

6.	GOODWILL AND INTANGIBLE ASSETS

Goodwill was $19,673 as of June 30, 2024 and $16,982 as of December 31, 2023. During the second quarter of 2024, the Company acquired a small real estate business, resulting in recording goodwill of $3,150. As of June 30, 2024, the Company recorded cumulative translation adjustment of ($459) related to Canadian goodwill. Additionally, if current assumptions and estimates, including projected revenues and income growth rates, terminal growth rates, competitive and consumer trends, market-based discount rates, and other market factors, are not met, or if valuation factors outside of the Company’s control change unfavorably, the estimated fair value of goodwill could be adversely affected, leading to a potential impairment in the future. For the six months ended June 30, 2024, no events occurred that indicated it was more likely than not that goodwill was impaired. The following tables present definite-lived intangible assets as of June 30, 2024 and December 31, 2023, in thousands:


	June 30, 2024
	Gross	Accumulated	Net Carrying
	Amount	Amortization	Amount
Trade name	$ 2,655	($ 1,393)	$ 1,262
Existing technology	3,345	(1,498)	1,847
Non-competition agreements	458	(347)	111
Customer relationships	1,284	(698)	586
Licensing agreement	210	(210)	-
Intellectual property	2,836	(677)	2,159
Total intangible assets	$ 10,788	($ 4,823)	$ 5,965


	December 31, 2023
	Gross	Accumulated	Net Carrying
	Operations	Amortization	Amount
Trade name	$ 2,672	($ 1,030)	$ 1,642
Existing technology	3,263	(1,122)	2,141
Non-competition agreements	468	(125)	343
Customer relationships	1,285	(652)	633
Licensing agreement	210	(210)	-
Intellectual property	2,836	(583)	2,253
Total intangible assets	$ 10,734	($ 3,722)	$ 7,012

Definite-lived intangible assets are amortized using the straight-line method over an asset’s estimated useful life. Amortization expense for definite-lived intangible assets for the three months ended June 30, 2024 and 2023 was $1,073 and $683, respectively. Amortization expense for definite-lived intangible assets for the six months ended June 30, 2024 ended and 2023 was $1,413 and $1,195, respectively.