MoneyLion Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

6. INTANGIBLE ASSETS

Goodwill as of June 30, 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:


		June 30,			December 31,
	Useful Life	2022			2021
Proprietary technology and capitalized internal-use software	3 - 7 years	$	36,762		$	11,623
Work in process			2,347			1,481
Customer relationships	10 - 15 years		159,820			5,960
Trade names	10 - 15 years		24,980			11,820
Less: accumulated amortization			(14,683	)		(5,760	)
Intangible assets, net		$	209,226		$	25,124

For the three months ended June 30, 2022 and 2021, total amortization expense was $5,749 and $443, respectively. For the six months ended June 30, 2022 and 2021, total amortization expense was $8,940 and $894, respectively.

The following table summarizes estimated future amortization expense of intangible assets placed in service at June 30, 2022 for the years ending:


Remainder of 2022	$	11,473
2023		22,614
2024		22,481
2025		22,481
2026		22,481
Thereafter		105,349
	$	206,879