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Intangible Assets, net (Tables)
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Acquired Finite-lived Intangible Assets by Major Class
The following table sets forth the intangible assets and the remaining useful lives for the intangible assets:
September 30, 2021December 31, 2020
(in thousands, except for in years)Weighted-Average Remaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountRemaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Distribution rights2.7$32,334 $(10,778)$21,556 3.4$32,334 $(4,715)$27,619 
Developed technology5.135,800 (5,161)30,639 5.619,600 (1,362)18,238 
In-process research and development (1)
 N/A — — — N/A16,200 — 16,200 
Customer relationships2.810,300 (3,004)7,296 3.610,300 (1,072)9,228 
Tradename0.0100 (100)— 0.6100 (42)58 
Total intangible assets$78,534 $(19,043)$59,491 $78,534 $(7,191)$71,343 
(1)In-process research and development relates to the research and development of the payment facilitator (“PayFac”) technology to facilitate the processing of customer payments. During the nine months ended September 30, 2021, the in-process research and development assets were placed into service and reclassified as developed technology.
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class
The following table sets forth the intangible assets and the remaining useful lives for the intangible assets:
September 30, 2021December 31, 2020
(in thousands, except for in years)Weighted-Average Remaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountRemaining Useful Lives
(in years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Distribution rights2.7$32,334 $(10,778)$21,556 3.4$32,334 $(4,715)$27,619 
Developed technology5.135,800 (5,161)30,639 5.619,600 (1,362)18,238 
In-process research and development (1)
 N/A — — — N/A16,200 — 16,200 
Customer relationships2.810,300 (3,004)7,296 3.610,300 (1,072)9,228 
Tradename0.0100 (100)— 0.6100 (42)58 
Total intangible assets$78,534 $(19,043)$59,491 $78,534 $(7,191)$71,343 
(1)In-process research and development relates to the research and development of the payment facilitator (“PayFac”) technology to facilitate the processing of customer payments. During the nine months ended September 30, 2021, the in-process research and development assets were placed into service and reclassified as developed technology.
Schedule of Intangible Assets Amortization Expense
Aggregate amortization expense for the intangible assets presented in the condensed consolidated statements of operations and comprehensive loss are summarized as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2021202020212020
Amortization (1)
$3,512 $2,565 $9,862 $3,239 
Selling, general and administrative653 — 1,990 — 
Total amortization expense
$4,165 $2,565 $11,852 $3,239 
(1)The amortization expense related to Distribution rights and Developed technology was recorded to “amortization” in the condensed consolidated statement of operations and comprehensive loss.
Schedule of Finite-lived Intangible Assets, Future Amortization Expense
Based on the amount of intangible assets subject to amortization as of September 30, 2021, the estimated amortization expense for each of the next five fiscal years and thereafter was as follows:
Year Ending December 31,(in thousands)
2021 remaining three months$4,156 
202216,625 
202316,625 
202410,837 
20255,967 
2026 and thereafter5,281 
Total$59,491