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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

5.	GOODWILL AND INTANGIBLE ASSETS

Goodwill was $17,263 as of March 31, 2025 and $17,226 as of December 31, 2024. As of March 31, 2025, the Company recorded cumulative translation adjustment of $37 related to Canadian goodwill.

The Company has a risk of future impairment to the extent that individual reporting unit performance does not meet projections. 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.

Intangible assets, net consisted of the following:


	March 31, 2025
	Gross	Accumulated		Net Carrying
	Amount	Amortization	Impairment	Amount
Trade name	$ 2,044	($ 1,018)	$ -	$ 1,026
Existing technology	5,759	(2,934)	-	2,825
Non-competition agreements	461	(306)	-	155
Customer relationships	2,011	(640)	-	1,371
Licensing agreement	210	(210)	-	-
Intellectual property	1,453	(579)	-	874
Total intangible assets	$ 11,938	($ 5,687)	$ -	$ 6,251


	December 31, 2024
	Gross	Accumulated		Net Carrying
	Amount	Amortization	Impairment	Amount
Trade name	$ 2,042	($ 943)	$ -	$ 1,099
Existing technology	5,349	(2,564)	-	2,785
Non-competition agreements	461	(272)	-	189
Customer relationships	2,560	(503)	(549)	1,508
Licensing agreement	210	(210)	-	-
Intellectual property	3,448	(578)	(1,995)	875
Total intangible assets	$ 14,070	($ 5,070)	($ 2,544)	$ 6,456

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 March 31, 2025 and 2024 was $616 and $340, respectively.