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Intangible Assets, Including Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8: INTANGIBLE ASSETS, INCLUDING GOODWILL

Intangible Assets

Intangible assets consisted of the following at March 31, 2022 and December 31, 2021:

	March 31,				December 31,
	2022				2021
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Technology platform	$	16,635		3,930	$	4,635		3,652
Purchased and developed software		3,725		2,874		3,488		2,713
In-Process internally developed software platform		1,362		-		824		-
Customer relationships		8,960		1,802		3,960		1,692
Non-compete		500		31		-		-
Trademarks and trade names		4,640		740		640		640
		35,822		9,377		13,547		8,697
Accumulated amortization		9,377				8,697
Net book value of amortizable intangible assets	$	26,445			$	4,850

For the three months ended March 31, 2022, the Company added intangible assets as a result of accounting for the Merger in accordance with ASC 805 Business Combinations, as outlined in Note 5: Business Combinations. For the three months ended March 31, 2022 and March 31, 2021, amortization of intangible assets charged to operations was $680 and $140, respectively.

Both the intangible assets and the related amortization expense related to the Merger which were recorded during the three months ended March 31, 2022 represent estimates. The Company has engaged a third party valuation specialist to value the separately identifiable intangible assets. Any differences between the values initially recorded for the intangible assets as of the Merger and those as a result of the valuation report will be recorded as a measurement period adjustment through goodwill, including adjusting year-to-date amortization expense as a period expense, if applicable.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of September of each fiscal year, or when an event occurs, or circumstances change that would indicate potential impairment. Following the Merger, the Company evaluated its reporting units in accordance with ASC 280 Segment Reporting and concluded that the Company has only one reporting unit. Therefore, the entire goodwill is allocated to that reporting unit. There were no indicators of impairment as of or during the three months ended March 31, 2022.