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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS |
8. | GOODWILL AND INTANGIBLE ASSETS
Intangible assets, net as of December 31, 2024 and 2023 consists of the following (in thousands):
Schedule of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |
|  | December 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Weighted- average Amortization Period (yrs) |
Developed technology |  | $ | 8,074 |  |  | $ | (2,080 | ) |  | $ | 5,994 |  |  |  | 11 |
Trade name |  |  | 1,756 |  |  |  | (498 | ) |  |  | 1,258 |  |  |  | 10 |
Customer relationships |  |  | 444 |  |  |  | (158 | ) |  |  | 286 |  |  |  | 13 |
Backlog |  |  | 185 |  |  |  | (185 | ) |  |  | – |  |  |  | 1 |
Patents |  |  | 576 |  |  |  | (77 | ) |  |  | 499 |  |  |  | 20 |
Intangible assets |  | $ | 11,035 |  |  | $ | (2,998 | ) |  | $ | 8,037 |  |  |  |  |
Amortization expense for each of the years ended December 31, 2024 and 2023 was $1.0 million. Amortization expense for intangible assets held as of December 31, 2024 will be $1.0 million for each of the years 2025 – 2028. For both years ending December 31, 2024 and December 31, 2023, amortization expense recognized in Operating expenses was $0.2 million and $0.3 million respectively and $0.7 million and $0.8 million in Cost of Good Sold respectively. The Company’s acquisitions identified Goodwill and intangible assets. Goodwill represents the purchase price in excess of fair values assigned to the underlying identifiable net assets of the acquired business. Goodwill as of December 31, 2024 and 2023 consists of the following (in thousands):
Schedule of goodwill |  | Goodwill
Balance as of December 31, 2022 |  | $ | 4,600 |
Acquisition of Amiga |  |  | 5,445 |
Currency impact |  |  | 225 |
Balance as of December 31, 2023 |  | $ | 10,270 |
Acquisition of Telcom |  |  | 692 |
Currency impact |  |  | (382 | )
Balance as of December 31, 2024 |  | $ | 10,580 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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