Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
 12 Months Ended
Dec. 31, 2021
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

 

Goodwill as of December 31, 2021 and 2020 was $52,541 and $21,565, respectively. The increase relates to goodwill acquired from the acquisition of MALKA. See Note 17, “Mergers and Acquisitions,” for more information regarding goodwill and other intangible assets acquired from MALKA.

 

Intangible assets consisted of the following:

 

        December 31,     December 31,  
    Useful Life   2021     2020  
Capitalized internal-use software   3 years   $ 5,493     $ 5,374  
Work in process         1,481       1,481  
Proprietary technology   7 years     6,130       6,130  
Customer relationships   15 years     5,960      
-
  
Trade names   15 years     11,820      
-
  
Less: accumulated amortization         (5,760 )     (3,710 )
Intangible assets, net       $ 25,124     $ 9,275  

 

For the twelve months ended December 31, 2021 and 2020, total amortization expense was $2,049 and $791, respectively.

 

The following table summarizes estimated future amortization expense of intangible assets placed in service at December 31, 2021 for the years ending:

 

2022   $ 2,648  
2023     2,221  
2024     2,072  
2025     2,061  
2026     2,061  
Thereafter     12,580  
    $ 23,643