Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets that are subject to amortization consisted of the following at December 31, 2022 and 2021:


	2022						2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	2,630,000	$	(552,000)	$	2,078,000	$	1,630,000	$	(210,000)	$	1,420,000
Customer relationships	4,150,000		(1,172,000)		2,978,000		3,950,000		(378,000)		3,572,000
Developed technology	41,600,000		(5,615,000)		35,985,000		22,800,000		(950,000)		21,850,000
Intangibles, net	$	48,380,000	$	(7,339,000)	$	41,041,000	$	28,380,000	$	(1,538,000)	$	26,842,000

The Company recorded amortization expense for intangible assets of $5.8 million and $1.4 million for the years ended December 31, 2022 and 2021 respectively, in selling, general and administrative expenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives of five years, with the exception of the developed technology intangible acquired through the acquisition of Purigen, which is amortized over fifteen years. Trade name intangibles have a weighted average remaining amortization period of four years. Customer relationships have a weighted average remaining amortization period of four years. Developed technology intangibles have a weighted average amortization period of ten years.

Intangible assets not subject to amortization totaled $0.1 million at December 31, 2022 and related to the Company’s domain name. The Company did not hold any intangibles not subject to amortization at December 31, 2021.

Future amortization expense of intangible assets is as follows:


2023	$	7,169,000
2024	7,169,000
2025	7,064,000
2026	5,737,000
2027	1,473,000
Thereafter	12,429,000
Total	$	41,041,000