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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2021
Intangible Assets and Goodwill |
8. Intangible Assets | 8. Intangible Assets and Goodwill Acquired intangible assets subject to amortization consist of the following (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  | $ | 19,882 |  |  | $ | (1,331 | ) |  | $ | 18,551 |  |  | $ | 1,171 |  |  | $ | (919 | ) |  | $ | 252 |
Developed technologies |  |  | 5,047 |  |  |  | (361 | ) |  |  | 4,686 |  |  |  | - |  |  |  | - |  |  |  | - |
Total acquired intangible assets |  | $ | 24,929 |  |  | $ | (1,692 | ) |  | $ | 23,237 |  |  | $ | 1,171 |  |  | $ | (919 | ) |  | $ | 252 |
As of September 30, 2021, the weighted average remaining useful life for customer relationships was 8.5 years and developed technologies was 5.7 years. Amortization expense for customer relationships intangible assets is included in general and administrative expenses and totaled $236,000 and $16,000 for the three months ended September 30, 2021 and 2020, respectively, and totaled $412,000 and $46,000 for the nine months ended September 30, 2021 and 2020, respectively. Amortization expense for developed technologies intangible assets is included in cost of software solutions revenue and totaled $270,000 and $0 for the three months ended September 30, 2021 and 2020, respectively, and totaled $361,000 and $0 for the nine months ended September 30, 2021 and 2020, respectively. During the three months ended June 30, 2021, the Company acquired $21,520,000 in intangible assets in connection with the NetSapiens business acquisition. During the three months ended March 31, 2021, the Company acquired $2,238,000 in intangible assets in connection with the Centric Telecom business acquisition. During the year ended December 31, 2020, we reduced customer relationships by $121,000 due to an adjustment to the total consideration payable under the DoubleHorn customer relationships asset purchase agreement. As of September 30, 2021, annual amortization of definite lived intangible assets, based on existing intangible assets and current useful lives, is estimated to be the following (in thousands):
Year ending December 31, |  |  |
2021 remaining |  | $ | 507 |
2022 |  |  | 2,110 |
2023 |  |  | 2,553 |
2024 |  |  | 2,849 |
2025 and thereafter |  |  | 15,218 |
Total |  | $ | 23,237 |
The following table provides a summary of changes in the carrying amounts of goodwill (in thousands):
|  | Goodwill |
Balance at December 31, 2020 |  |  | 272 |
Centric Telecom business acquisition |  |  | 1,123 |
NetSapiens business acquisition |  |  | 26,734 |
Balance at September 30, 2021 |  | $ | 28,129 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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