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INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

9. INTANGIBLE ASSETS, NET

 

At March 31, 2023 and December 31, 2022, intangible assets consisted of:

             
   Useful Life 

March 31,

2023

   December 31,
2022		 
Trade name and trademark  Indefinite life  $1,503,000   $1,493,000 
Trade names  5-10 years   4,316,000    4,316,000 
Customer list  8-10 years   5,843,000    5,865,000 
Developed technology  3-8 years   24,584,000    24,584,000 
Domain name and other intangible assets  5 years   614,000    630,000 
       36,860,000    36,888,000 
Accumulated amortization      (2,324,000)   (2,102,000)
Intangible assets, net     $34,536,000   $34,786,000 

 

The Company’s trade names and trademarks were determined to have an indefinite life. The remaining definite lived intangible assets are primarily being amortized on a straight-line basis over their estimated useful lives. Amortization expense was $0.3 million and $0.1 million, respectively, for the three months ended March 31, 2023 and 2022.

 

The customer relationships, developed technology and certain trade names are subject to amortization over their estimated useful lives, which range between 5 and 10 years with an average remaining useful life of 8.2 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

     
2023  $4,188,000 
2024   4,442,000 
2025   4,342,000 
2026   4,242,000 
2027   4,242,000 
Thereafter   11,577,000 
   $33,033,000