Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets that are subject to amortization consisted of the following at December 31, 2023 and 2022:


	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade name	$	2,630,000	$	(1,078,000)	$	1,552,000	$	2,630,000	$	(552,000)	$	2,078,000
Customer relationships	4,150,000		(2,002,000)		2,148,000		4,150,000		(1,172,000)		2,978,000
Developed technology	41,600,000		(11,428,000)		30,172,000		41,600,000		(5,615,000)		35,985,000
Intangibles, net	$	48,380,000	$	(14,508,000)	$	33,872,000	$	48,380,000	$	(7,339,000)	$	41,041,000

The Company recorded amortization expense for intangible assets of $7.2 million and $5.8 million for the years ended December 31, 2023 and 2022 respectively, in selling, general and administrative expenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives of five years, with the exception of the developed technology intangible acquired through the acquisition of Purigen, which is amortized over fifteen years. As of December 31, 2023, trade name intangibles, customer relationships, and developed technology have weighted average remaining amortization periods of three years, three years, and nine years, respectively.

Intangible assets not subject to amortization totaled $0.1 million at December 31, 2023 and December 31, 2022 and related to the Company’s domain name.

Future amortization expense of intangible assets is as follows:


2024	$	7,169,000
2025	7,064,000
2026	5,737,000
2027	1,473,000
2028	1,253,000
Thereafter	11,176,000
Total	$	33,872,000