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Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Acquired Finite-Lived Intangible Assets | The following table summarizes the identifiable intangible assets acquired as of the date of the acquisition:
| Fair Value at Acquisition Date |  | Amortization Period
Brand | $ | 5,112 |  |  | 10 years
Customer relationships | 2,583 |  |  | 4 years
Total intangible assets | $ | 7,695 |  |  |
The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
| Estimated Fair Value |  | Annual Amortization Expense |  | Estimated Useful Life in Years
Brand names | $ | 68,354 |  |  | $ | 6,835 |  |  | 10 years
Customer relationships | 4,855 |  |  | 1,214 |  |  | 4 years
Total | $ | 73,209 |  |  |  |  |
The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
| Fair Value at Acquisition Date |  | Amortization Period
Brand | $ | 11,800 |  |  | 10 years
Customer relationships | 2,500 |  |  | 3 years
Total intangible assets | $ | 14,300 |  |  |
The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of December 31, 2021 and 2020, included in intangible assets, net in the accompanying consolidated balance sheets, are as follows:
| December 31,
| Useful life |  | Weighted Average Amortization Period 2021 |  | 2021 |  | Weighted Average Amortization Period 2020 |  | 2020
Customer relationships | 4 years |  | 2.5 years |  | $ | 24,516 |  |  | 1.8 years |  | $ | 17,100 |
Brands | 10 years |  | 8.9 years |  | 100,315 |  |  | 7.8 years |  | 26,680 |
Website design and software system | 3 years |  | 2.2 years |  | 1,883 |  |  | 2.4 years |  | 903 |
Trademarks | 5 years |  | 3.3 years |  | 114 |  |  | 4.5 years |  | 103 |
Total intangible assets |  |  |  |  | 126,828 |  |  |  |  | 44,786 |
Less accumulated amortization |  |  |  |  | (28,541) |  |  |  |  | (15,684) |
Total intangible assets, net |  |  |  |  | $ | 98,287 |  |  |  |  | $ | 29,102 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future estimated amortization expense for acquired identifiable intangible assets is as follows:
Year ending December 31: |
2022 | $ | 15,349 |
2023 | 13,028 |
2024 | 12,327 |
2025 | 11,022 |
2026 | 10,027 |
Thereafter | 36,534 |
Total amortization expense | $ | 98,287 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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