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

12. INTANGIBLE ASSETS, NET

 

At September 30, 2024 and December 31, 2023, intangible assets consisted of:

             
   Useful Life  September 30, 2024   December 31, 2023 
Definite lived intangible assets:             
Developed technology  7 years  $2,081,000   $1,949,000 
Customer list  10 years   1,290,000    1,290,000 
Trade names  12 years   1,030,000    1,030,000 
       4,401,000    4,269,000 
Accumulated amortization      (719,000)   (222,000)
Total definite-lived intangible assets     $3,682,000   $4,047,000 

 

Certain of 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.

 

Summary of amortization expense:

        
   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
Amortization expense  $371,000   $226,000   $479,000   $541,000 

 

As of September 30, 2024, intangible assets subject to amortization have an average remaining useful life of 6.9 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

     
2024 (remainder)  $124,000 
2025   494,000 
2026   494,000 
2027   494,000 
2028   494,000 
2029   370,000 
Thereafter   1,212,000 
   $3,682,000