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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

NOTE 6 – Goodwill and Intangible Assets

 

The Company reviews goodwill and intangible assets 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 as of June 30, 2024 (Successor) was $8,737 thousand, which was entirely due to the business combination noted in Note 3.

 

Factors that may be considered a change in circumstances indicating that the carrying value of our goodwill or amortizable intangible assets may not be recoverable include a decline in industry and market considerations, technological advancements, and the Company’s financial performance.

 

We completed our annual goodwill impairment evaluation as of December 31, 2023. As a result, the Company incurred an impairment loss of $36,056 thousand.

 

The Company noted that there were no qualitative or quantitative indicators of impairment present at the reporting date as of June 30, 2024 (Successor).

 

Intangible assets consisted of the following (in thousands):

 

Schedule of intangible assets                                                      
    June 30, 2024     December 31, 2023  
   

Weighted
Average

Remaining
Useful Life
(Years)

     Gross
Amount		     Accumulated Amortization     Net Carrying
Amount		     Gross
Amount		     Accumulated
Amortization		     Net Carrying
Amount		  
Trade Name/Trademarks   5.7     $ 3,294     $ (608 )   $ 2,686     $ 3,294     $ (373 )   $ 2,921  
Customer Relationships   3.7       5,604       (1,448 )     4,156       5,604       (887 )     4,717  
Developed Technology   8.7       8,697       (1,123 )     7,574       8,697       (688 )     8,009  
Patents and Intellectual Property   8.7       2,703       (349 )     2,354       2,703       (214 )     2,489  
Totals         $ 20,298     $ (3,528 )   $ 16,770     $ 20,298     $ (2,162 )   $ 18,136  

 

 

Future amortization expense on intangible assets as of June 2024 is anticipated to be as follows (in thousands):

 

         
For the Years Ending December 31,   Amount  
2024 (remainder of year)   $ 1,365  
2025     2,731  
2026     2,731  
2027     2,731  
2028     1,844  
Thereafter     5,368  
Total   $ 16,770