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GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE (6) GOODWILL AND OTHER INTANGIBLE ASSETS

During the year ended December 31, 2021 the Company completed the acquisition of Kestrel, which resulted in goodwill of $20.4 million (see Note 5).

For the nine months ended September 30, 2022, there was no change in the carrying amount of goodwill, there were no impairment indicators of the Company’s net asset value.

The following table provides the summary of the Company’s intangible assets as of September 30, 2022.


							Weighted-
							Average
	Gross						Remaining
	Carrying		Accumulated		Net Carrying		Life (in
	Amount		Amortization		Amount		years)
Acquired patents at December 31, 2021	$	10,000	$	(25)	$	9,975	11.00
Amortization expense				(679)		(679)
Acquired patents at September 30, 2022	$	10,000	$	(704)	$	9,296	10.23

The following table summarizes the estimated future amortization expense to be recognized over the remainder of 2022, next five fiscal years, and periods thereafter:


	(In thousands)
October 1, 2022 through December 31, 2022	$	229
2023		908
2024		911
2025		908
2026		908
2027		908
Thereafter		4,524
Total future amortization expense	$	9,296