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Intangible Assets, net
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net

Note 9: Intangible Assets, net

 

Intangible Assets, net

 

The Company had the following intangible assets (in thousands) with their weighted average remaining amortization period (in years):

 

Intangible Assets, net

 

               
   Weighted Average Remaining Amortization   As of 
   Period   September 30, 2024   December 31, 2023 
Customer Relationships   5.7   $17,390   $17,325 
Digital Networks   13.5    803    803 
Trade Names   66.7    10,100    9,970 
Intangible Assets, gross        28,293    28,098 
                
Less: Accumulated Amortization        (5,528)   (3,794)
Foreign Currency Translation Adjustment        (1,639)   (1,311)
Intangible Assets, net       $21,126   $22,993 

 

During the three months ended September 30, 2024 and September 30, 2023, the Company recorded intangible asset amortization expense of $0.5 million for each reporting period. During the nine months ended September 30, 2024 and September 30, 2023, the Company recorded intangible asset amortization expense of $1.5 million and $1.6 million, respectively.

 

The Company did not incur any impairment charges on its definite and indefinite-lived intangible assets during the three and nine months ended September 30, 2024.

 

During the nine months ended September 30, 2023, the Company recorded a total Impairment of Intangible Assets of $4.0 million within Operating Expenses in the condensed consolidated statement of operations. The impairment charge consisted of a write-down of definite-lived intangible assets of $2.8 million, net of $0.6 million in accumulated depreciation, due to a decrease in an asset group’s estimated undiscounted cash flows. Furthermore, it was determined that the Frederator tradename, an indefinite-lived intangible asset, was impaired by $1.3 million.

 

Expected future amortization of intangible assets subject to amortization as of September 30, 2024 is as follows (in thousands):

 

     
Fiscal Year:    
2024 (remainder of year)  $516 
2025   2,072 
2026   2,062 
2027   2,062 
2028   2,062 
Thereafter   6,792 
Total  $15,566 

 

As of September 30, 2024, $5.6 million of the Company’s intangible assets related to the acquired trade names from the Wow acquisition had indefinite lives and are not subject to amortization.