Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.22.1
Intangible Assets, Net
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

Note 7. Intangible Assets, net

 

Intangible assets consist of the following (in thousands):

 

 

March 31, 2022

 

 

Gross

 

 

Accumulated Amortization

 

 

Net

 

Customer relationships

$

22,770

 

 

$

(1,535

)

 

$

21,235

 

Patents

 

1,226

 

 

 

(1,099

)

 

 

127

 

Software technology

 

7,140

 

 

 

(254

)

 

 

6,886

 

Tradename

 

1,000

 

 

 

(28

)

 

 

972

 

    Total intangible assets, net

$

32,136

 

 

$

(2,916

)

 

$

29,220

 

 

 

 

December 31, 2021

 

 

Gross

 

 

Accumulated Amortization

 

 

Net

 

Customer relationships

$

14,570

 

 

$

(1,131

)

 

$

13,439

 

Patents

 

1,214

 

 

 

(1,089

)

 

 

125

 

    Total intangible assets, net

$

15,784

 

 

$

(2,220

)

 

$

13,564

 

 

 

Intangible amortization expense was approximately $695,000 and $259,000 for the three months ended March 31, 2022 and 2021, respectively.

The following table presents future intangible asset amortization as of March 31, 2022 (in thousands):

 

Remainder of 2022

 

$

2,106

 

2023

 

 

2,640

 

2024

 

 

2,637

 

2025

 

 

2,595

 

2026

 

 

2,577

 

Thereafter

 

 

16,665

 

Total

 

$

29,220