Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Mar. 31, 2022
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

 

Goodwill as of March 31, 2022 and December 31, 2021 was $161,678 and $52,541, respectively. The increase relates to goodwill acquired from the acquisition of Even Financial. See Note 17, “Mergers and Acquisitions,” for more information regarding goodwill and other intangible assets acquired from Even Financial.

 

Intangible assets consisted of the following:

 

        March 31,     December 31,  
    Useful Life   2022     2021  
Proprietary technology and capitalized internal-use software   3 - 7 years   $ 34,791     $ 11,623  
Work in process         2,291       1,481  
Customer relationships   10 - 15 years     159,820       5,960  
Trade names   10 - 15 years     24,980       11,820  
Less: accumulated amortization         (8,934 )     (5,760 )
Intangible assets, net       $ 212,948     $ 25,124  

 

For the three months ended March 31, 2022 and 2021, total amortization expense was $3,191 and $451, respectively.

 

The following table summarizes estimated future amortization expense of intangible assets placed in service at March 31, 2022 for the years ending:

 

Remainder of 2022   $ 16,951  
2023     22,219  
2024     22,087  
2025     22,087  
2026     22,087  
Thereafter           105,226  
    $ 210,657