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Intangible Assets, Net and Goodwill

3 Months Ended

Mar. 31, 2022

Intangible Assets and Goodwill [Abstract]

Note 11 — Intangible Assets, Net and Goodwill

The Company records intangible assets initially at fair value and tests these values periodically for impairment. Goodwill represents the excess of the purchase price over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed in a business combination and is tested at least annually for impairment. The Company performs an impairment test of goodwill during the fourth quarter of each year or sooner if indicators of potential impairment arise. There were no such indicators in the three months ended March 31, 2022.

Intangible assets, net as of March 31, 2022 was as follows:

	Intangible Assets, Gross						Accumulated Amortization									Intangible Assets, Net
(In thousands)	January 1, 2022		Additions and Retirements, net		March 31, 2022		January 1, 2022			Expense and Retirements, net			March 31, 2022			January 1, 2022		March 31, 2022
Trade names	$	2,418	$	317	$	2,735	$	(227	)	$	(91	)	$	(318	)	$	2,191	$	2,417
Customer Relationships		6,176		713		6,889		(302	)		(247	)		(549	)		5,874		6,340
Acquired developed Technology		4,911		1,432		6,343		(191	)		(255	)		(446	)		4,720		5,897
Non-compete		1,202		—		1,202		(60	)		(60	)		(120	)		1,142		1,082
Capitalized website costs		245		—		245		(100	)		(20	)		(120	)		145		125
Total	$	14,952	$	2,462	$	17,414	$	(880	)	$	(673	)	$	(1,553	)	$	14,072	$	15,861

Intangible assets, net as of December 31, 2021 was as follows:

	Intangible Assets, Gross						Accumulated Amortization									Intangible Assets, Net
(In thousands)	January 1, 2021		Additions and Retirements, net		December 31, 2021		January 1, 2021			Expense and Retirements, net			December 31, 2021			January 1, 2021		December 31, 2021
Trade names	$	930	$	1,488	$	2,418	$	(88	)	$	(139	)	$	(227	)	$	842	$	2,191
Customer Relationships		850		5,326		6,176		(89	)		(213	)		(302	)		761		5,874
Acquired developed Technology		—		4,911		4,911		—			(191	)		(191	)		—		4,720
Non-compete		—		1,202		1,202		—			(60	)		(60	)		—		1,142
Capitalized website costs		139		106		245		(48	)		(52	)		(100	)		91		145
Total	$	1,919	$	13,033	$	14,952	$	(225	)	$	(655	)	$	(880	)	$	1,694	$	14,072

Amortization expense recorded in general and administrative in the consolidated statements of operations were $673 thousand and $58 thousand for the three months ended March 31, 2022 and 2021, respectively.

Estimated amortization expense for the remainder of 2022 and subsequent years for acquired intangible assets:

Years ending December 31 (In thousands),	Amount
Remaining 2022	$	2,103
2023		2,772
2024		2,763
2025		2,737
2026		2,486
2027 and thereafter		3,000
Total	$	15,861

Goodwill consisted of the following:

(In thousands)	Three Months ended March 31, 2022		Year ended December 31, 2021
Goodwill - beginning of period	$	50,090	$	632
Goodwill acquired during period		4,368		49,458
Goodwill purchase accounting adjustment		86		—
Goodwill - end of period	$	54,544	$	50,090