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Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

NOTE 4: Goodwill and Intangible Assets, net

​

The Company recorded goodwill of $1.3 million during the year ended December 31, 2022 related to the CASE acquisition (Note 3) and an out of period adjustment of $0.6 million during the year ended December 31, 2023, bringing the total goodwill recorded pursuant to the CASE acquisition to $1.9 million (Note 1). Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually, absent any interim indicators of impairment. There was no impairment of goodwill during the years ended December 31, 2023 and 2022.

The following table sets forth a summary of the changes in goodwill (in thousands):

​	​	​	​
Balance as of January 1, 2022	​	$	—
Goodwill recorded pursuant to the CASE acquisition	​		1,344
Balance as of December 31, 2022	​		1,344
Out of period adjustment	​		578
Balance as of December 31, 2023	​	$	1,922

​

The gross carrying amounts and accumulated amortization of the intangible assets with determinable lives are as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	December 31, 2023
​	​	Amortization	​	Gross		​	​	​	​	​	​
​	​	Period	​	carrying		​	Accumulated		​	Carrying
​		(years)		amount			amortization			amount, net
​	​	​	​	​	​	​	​	​	​	​	​
Developed technology		5	​	$	990	​	$	(239)	​	$	751
Customer relationships		8	​		950	​		(144)	​		806
Trademark		1	​		230	​		(230)	​		—
Total	​	​	​	$	2,170	​	$	(613)	​	$	1,557

​

​	​	​	​	​	​	​	​	​	​	​	​
​		​		December 31, 2022
​	​	Amortization	​	Gross		​	​		​	​
​	​	Period	​	carrying		​	Accumulated		​	Carrying
​	​	(years)		amount			amortization			amount, net
​	​	​	​	​	​	​	​	​	​	​	​
Developed technology		5	​	$	990	​	$	(41)		$	949
Customer relationships		8	​		950	​		(25)			925
Trademark		1	​		230	​		(48)			182
Total	​	​	​	$	2,170	​	$	(114)		$	2,056

​

Intangible assets amortization expense was recorded as follows (in thousands):

​

​	​	​	​	​	​	​
​		December 31,			December 31,
​	​	2023		​	2022
Cost of revenue	​	$	198	​	$	41
Sales and marketing	​		301	​		73
Total intangible asset amortization	​	$	499	​	$	114

​

As of December 31, 2023, future intangible assets amortization expense for each of the next five years and thereafter is as follows (in thousands):

​

​	​	​	​
Year ending December 31,		Amount
2024	​	$	317
2025	​		317
2026	​		317
2027	​		275
2028	​		118
Thereafter	​	​	213
Total	​	$	1,557

​

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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