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GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

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 three months ended March 31, 2023, 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 March 31, 2023.

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	Weighted-
​	​	​	​	​	​	​	​	​	​		Average
​		Gross		​	​	​	​	​	​		Remaining
​		Carrying			Accumulated			Net Carrying			Life (in
​		Amount			Amortization			Amount			years)
Acquired patents at December 31, 2022	​	$	10,000	​	$	(933)	​	$	9,067	​	10
Amortization expense	​	​	​	​	​	(224)	​	​	(224)	​	​
Acquired patents at March 31, 2023	​	$	10,000	​	$	(1,157)	​	$	8,843		9.73

​

The following table summarizes the estimated future amortization expense to be recognized over the remainder of 2023, the next five fiscal years, and periods thereafter:

​

​	​	​	​
​		(In thousands)
April 1, 2023 through December 31, 2023	​	$	684
2024	​		911
2025	​		908
2026	​		908
2027	​		908
2028	​	​	911
Thereafter	​		3,613
Total future amortization expense	​	$	8,843

​

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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