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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

 

8. INTANGIBLE ASSETS

 

Intangible assets, net as of December 31, 2023 consist of the following (in thousands):

                    
   December 31, 2022 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount   Weighted-average Amortization Period (yrs) 
Developed technology  $8,074   $(612)  $7,462    11 
Trade name   1,756    (146)   1,610    10 
Customer relationships   444    (49)   395    13 
Backlog   185    (154)   31    1 
Patents   491    (42)   449    20 
Intangible assets  $10,950   $(1,003)  $9,947      

 

   December 31, 2023 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount   Weighted-average Amortization Period (yrs) 
Developed technology  $8,074   $(1,346)  $6,728    11 
Trade name   1,756    (322)   1,434    10 
Customer relationships   444    (110)   334    13 
Backlog   185    (185)   –    1 
Patents   611    (57)   554    20 
Intangible assets  $11,070   $(2,020)  $9,050      

 

Amortization expense for each of the years ended December 31, 2023 and 2022 was $1.0 million. Amortization expense for intangible assets held as of December 31, 2023 will be $1.0 million for each of the years 2024 – 2028.