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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 7 – Goodwill and Intangible Assets The Company reviews goodwill for impairment on a reporting unit basis on December 31 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. The Company noted that the carrying amount of Goodwill for the period ended March 31, 2023 (Successor) was $44,122 thousand, which was entirely due to the business combination noted in Note 3. The Company did not have any goodwill for the period ended March 14, 2023 (Predecessor) and the year ended December 31, 2022 (Predecessor). Goodwill consisted of the following (in thousands):
Schedule of goodwill |  |  |  |
Acquisition |  | Amount |
Balance as of March 14, 2023 |  | $ | - |
Acquisition of Legacy CXApp |  |  | 44,122 |
Balance as of March 31, 2023 |  | $ | 44,122 |
Intangible assets consisted of the following (in thousands):
Schedule of intangible assets |  | March 31, 2023 (Successor) |  |  |  | December 31, 2022 (Predecessor) |
|  | Weighted Average Remaining Useful Life (Years) |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Trade Name/Trademarks |  | 7 years |  |  | $ | 3,294 |  |  | $ | (20 | ) | $ | 3,274 |  |  | $ | 2,183 |  |  | $ | (725 | ) |  | $ | 1,458 |
Customer Relationships |  | 5 years |  |  |  | 5,604 |  |  |  | (47 | ) |  | 5,557 |  |  |  | 6,401 |  |  |  | (1,765 | ) |  |  | 4,636 |
Developed Technology |  | 10 years |  |  |  | 9,268 |  |  |  | (38 | ) |  | 9,230 |  |  |  | 15,179 |  |  |  | (3,398 | ) |  |  | 11,781 |
Non-compete Agreements |  |  |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 3,150 |  |  |  | (1,736 | ) |  |  | 1,414
Patents and Intellectual Property |  | 10 years |  |  |  | 2,703 |  |  |  | (11 | ) |  | 2,692 |  |  |  | - |  |  |  | - |  |  |  | - |
Totals |  |  |  |  | $ | 20,869 |  |  | $ | (116 | ) | $ | 20,753 |  |  | $ | 26,913 |  |  | $ | (7,624 | ) |  | $ | 19,289 |
Aggregate Amortization Expense: Aggregate amortization expense for the period ended March 31, 2023 (Successor), period ended March 14, 2023 (Predecessor) and three months ended March 31, 2022 (Predecessor) was $116 thousand, $806 thousand and $975 thousand, respectively. Future amortization expense on intangible assets is anticipated to be as follows (in thousands):
Schedule of future amortization expense |  |  |  |
For the Years Ending December 31, |  | Amount |
2023 |  | $ | 2,091 |
2024 |  |  | 2,788 |
2025 |  |  | 2,788 |
2026 |  |  | 2,788 |
2027 |  |  | 2,788 |
2028 and thereafter |  |  | 7,510 |
Total |  | $ | 20,753 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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