The change in the carrying amount of goodwill during the year ended December 31, 2021 is as follows:

The increase in goodwill of $3.0 million resulted from the acquisition of Smarteq in April 2021. The Company performs an annual impairment test of goodwill as of the end of the first month of the fourth fiscal quarter (October 31), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing the annual impairment test, the Company may consider qualitative factors that would indicate possible impairment. A quantitative fair value assessment is also performed at the reporting unit level. If the fair value exceeds the carrying value, then goodwill is not impaired, and no further testing is performed. If the carrying value exceeds the fair value, the implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and expected future economic and market conditions and its impact on each of the reporting units. Further, the Company assessed the current market capitalization and financial forecasts. There were no triggering events during the years ended December 31, 2021 and December 31, 2020. The Company will continue to monitor goodwill for impairment going forward.

The Company amortized intangible assets with finite lives on a straight-line basis over the estimated useful lives, which ranged from six months to five years.

The summary of amortization expense in the consolidated statements of income is as follows:

	Years Ended December 31,
	2021		2020
Cost of revenues	$	57	$	112
Operating expenses		210		32
Total	$	267	$	144

	December 31, 2021						December 31, 2020
			Accumulated		Net Book				Accumulated		Net Book
	Cost		Amortization		Value		Cost		Amortization		Value
Customer contracts and relationships	$	17,609	$	16,978	$	631	$	16,880	$	16,880	$	0
Patents and technology		10,049		9,698		351		9,644		9,644		0
Trademarks and trade names		1,563		1,051		512		972		972		0
Other		110		25		85		0		0		0
	$	29,331	$	27,752	$	1,579	$	27,496	$	27,496	$	0

In April 2021, the Company recorded $2.0 million of finite-lived intangible assets for the acquisition of Smarteq, and during the year ended December 31, 2021, the Company recorded amortization expense of $0.3 million and foreign currency translation adjustment of $0.2 million.

The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from six months to five years. In the Consolidated Statement of Income, amortization expense was approximately $0.3 million for the year ended December 31, 2021, and $0.1 million for the year ended December 31, 2020. Amortization for technology assets is included in cost of revenues and amortization for all other intangible assets is included in operating expenses. For the years ended December 31, 2021 and 2020, intangible amortization of $0.1 million was included in cost of revenues.

The assigned lives and weighted average amortization periods by intangible asset category are summarized below:

Intangible Assets	Assigned Life	Weighted Average Amortization Period
Customer contracts and relationships	5 years		5.0
Patents and technology	5 years		5.0
Trademarks and trade names	5 years		5.0
Other	.5 to 5 years		3.6

Prior to the acquisition of Smarteq, the Company’s intangible assets were fully amortized as of February 2020.