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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

 

7. GOODWILL AND INTANGIBLE ASSETS

 

The following table presents the Company's goodwill asset (in thousands):

        
   June 30,   December 31, 
   2025   2024 
Beginning balance  $10,580   $10,270 
Foreign exchange   200    310 
Impairments   (10,780)   – 
Ending balance  $–   $10,580 

 

Intangible assets, net, as of June 30, 2025 and December 31, 2024 consists of the following (in thousands):

Schedule of intangible assets                      
   June 30, 2025 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount   Weighted-average Amortization Period (yrs)
Developed technology  $8,074   $(2,447)  $5,627   11
Trade name   1,756    (585)   1,171   10
Customer relationships   444    (179)   265   13
Backlog   185    (185)   –   1
Patents   602    (88)   514   20
Intangible assets  $11,061   $(3,484)  $7,577    

 

                
   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 three and six months ended June 30, 2025, and 2024 was $0.2 million and $0.5 million, respectively. Amortization expense for intangible assets held as of December 31, 2024, will be $1.0 million for each of the years 2025 through 2028. Amortization expense recognized in Operating expenses for the three months and six months ended June 30, 2025 and 2024 was $0.1 million for both years. Amortization expense recognized in in Cost of Goods Sold for the three months ended June 30, 2025 and 2024 was $0.2 million for both years and for the six months ended June 30, 2025 and 2024 was $0.4 million for both years.

 

Total estimated amortization on the Company’s intangible assets for each of the years ending December 31, 2025 through 2030 and thereafter is as follows (in thousands):

Schedule of estimated amortization    
Calendar Years  Amortization Expense 
2025  $972 
2026   966 
2027   961 
2028   957 
2029   956 
Thereafter   2,765