Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 7 – Intangible Assets and Goodwill

Intangible Assets

Intangible assets as of September 30, 2023 and December 31, 2022 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows:

	September 30, 2023							December 31, 2022
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
		(in thousands)
Tradenames, service marks and domain names	$	50	$	(47	)	$	3	$	50	$	(40	)	$	10
Customer relationships		540		(151	)		389		540		(127	)		413
Total intangible assets	$	590	$	(198	)	$	392	$	590	$	(167	)	$	423

The Company recognized amortization expense of approximately $11,000 for each of the three months ended September 30, 2023 and September 30, 2022. All were recognized in selling, general and administrative expenses on the accompanying consolidated statement of operations and comprehensive loss.

The Company recognized amortization expense of approximately $31,000 for each of the nine months ended September 30, 2023 and September 30, 2022. All were recognized in selling, general and administrative expenses on the accompanying condensed statement of operations and comprehensive loss.

As of September 30, 2023, future amortization expense for each of the next five years is (in thousands):

Fiscal Years
2023 (excluding the nine months ended September 30, 2023)	$	11
2024		32
2025		32
2026		32
2027		32
2028		32

The Company recognized approximately $1.0 million in intangible asset impairment charges during the three and nine months ended September 30, 2022, related to the fair value of assets held for sale. (See Note 4 –Discontinued Operations).

Goodwill

Goodwill has a carrying value on the Company’s consolidated balance sheets of approximately $0.8 million at September 30, 2023 and December 31, 2022.