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Intangible Assets and Goodwill
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill
9.
Intangible assets and goodwill

 

Intangible assets consisted of the following:

 

At March 31, 2024

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

Finite lived intangible assets

 

 

 

 

 

 

 

 

 

 Software

 

$

2,177

 

 

$

(1,217

)

 

$

960

 

 Licenses

 

 

187,759

 

 

 

(21,631

)

 

 

166,128

 

 Non-compete agreements

 

 

280

 

 

 

(280

)

 

 

 

 Total finite lived intangible assets

 

 

190,216

 

 

 

(23,128

)

 

 

167,088

 

Indefinite lived intangible assets

 

 

 

 

 

 

 

 

 

 Brand intangibles

 

 

46,972

 

 

 

 

 

 

46,972

 

 Total indefinite lived intangible assets

 

 

46,972

 

 

 

 

 

 

46,972

 

 Intangible assets, net

 

$

237,188

 

 

$

(23,128

)

 

$

214,060

 

 

At December 31, 2023

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Carrying Amount

 

Finite lived intangible assets

 

 

 

 

 

 

 

 

 

 Software

 

$

2,050

 

 

$

(720

)

 

$

1,330

 

 Licenses

 

 

186,624

 

 

 

(20,216

)

 

 

166,408

 

 Brand intangibles

 

 

1,144

 

 

 

(1,144

)

 

 

 

 Non-compete agreements

 

 

280

 

 

 

(280

)

 

 

 

 Total finite lived intangible assets

 

 

190,098

 

 

 

(22,360

)

 

 

167,738

 

Indefinite lived intangible assets

 

 

 

 

 

 

 

 

 

 Brand intangibles

 

 

48,116

 

 

 

 

 

 

48,116

 

 Total indefinite lived intangible assets

 

 

48,116

 

 

 

 

 

 

48,116

 

 Intangible assets, net

 

$

238,214

 

 

$

(22,360

)

 

$

215,854

 

 

Amortization expense was $1,941 for the three months ended March 31, 2024 ($724 included in cost of sales) and $1,514 for the three months ended March 31, 2023 ($725 included in cost of sales).

Estimated future amortization expense for finite lived intangible assets for the next five years is as follows:

 

2024

 

$

5,257

 

2025

 

 

6,835

 

2026

 

 

6,820

 

2027

 

 

6,740

 

2028

 

 

6,740

 

 

As of March 31, 2024, the weighted average amortization period remaining on intangible assets was 27.3 years.

 

The Company's goodwill is allocated to one reportable segment. The following table summarizes the activity in the Company’s goodwill balance:

 

Balance at December 31, 2023

 

$

106,929

 

Additions at acquisition date

 

 

-

 

Impairment of goodwill

 

 

-

 

Balance at March 31, 2024

 

$

106,929