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INTANGIBLE ASSETS, NET | 6 Months Ended
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Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
INTANGIBLE ASSETS, NET | 6. INTANGIBLE ASSETS, NET On March 6, 2024, we entered into an Intellectual Property Asset Purchase Agreement with Zulily ABC, LLC ("Zulily") to acquire certain intellectual property related to the Zulily brand. The aggregate purchase price, inclusive of direct acquisition-related expenses totaled $4.9 million which has been allocated to two major asset categories consisting of $4.1 million, for trade names with an indefinite useful life and $716,000 for customer lists with an estimated useful life of five years. On March 31, 2024, we entered into an Asset Purchase Agreement with Indo Count Global, Inc. to sell certain intellectual property related to the Wamsutta brand which was acquired as part of our purchase of the Bed Bath & Beyond brand in June 2023, for a total sales price of $10.3 million in cash plus the assumption of certain liabilities. On April 18, 2024, we closed the transaction and received the $10.3 million cash proceeds. For the three and six months ended June 30, 2024, we recognized the entire $10.3 million as a gain on the sale which is included in Other income (expense), net in our consolidated statements of operations. Intangible assets, net consist of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Intangible assets subject to amortization, gross (1) | $ | 6,148 |  |  | $ | 5,331 |
Less: accumulated amortization of intangible assets | (2,615) |  |  | (2,114) |
Intangible assets subject to amortization, net | 3,533 |  |  | 3,217 |
Intangible assets not subject to amortization | 27,385 |  |  | 22,037 |
Total intangible assets, net | $ | 30,918 |  |  | $ | 25,254 |
___________________________________________ (1) At June 30, 2024, the weighted average remaining useful life for intangible assets subject to amortization, gross was 4.1 years.

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