INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – INTANGIBLE ASSETS AND GOODWILL

The Company capitalizes costs for software to be sold, marketed, or leased to customers. Costs incurred internally in researching and developing software products are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. The amortization of these costs is included in cost of revenue over the estimated life of the products.

The following table summarizes identifiable intangible assets of the Company as of March 31, 2024 and December 31, 2023 and 2022:

SCHEDULE OF INTANGIBLE ASSETS

March 31, 2024	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Customer relationships	9-12	$	19,264	$	(8,012	)	$	11,252
Trademark and tradename	3-15		7,553		(3,877	)		3,676
Patents	7-11		628		(464	)		164
Technology	7		10,911		(10,911	)		-
Software to be sold or leased	3		5,159		(764	)		4,395
			43,515		(24,028	)		19,487

Unamortized:
Customer list			104		-			104
Trademark and tradename			61		-			61

			165		-			165

Total		$	43,680	$	(24,028	)	$	19,652

December 31, 2023	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Customer relationships	9-12	$	19,264	$	(7,606	)	$	11,658
Trademark and tradename	3-15		7,553		(3,682	)		3,871
Patents	7-11		628		(441	)		187
Technology	7		10,911		(10,784	)		127
Software to be sold or leased	3		4,602		(535	)		4,067
			42,958		(23,048	)		19,910

Unamortized:
Customer list			104		-			104
Trademark and tradename			61		-			61

			165		-			165

Total		$	43,123	$	(23,048	)	$	20,075

December 31, 2022	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Customer relationships	9-12	$	20,031	$	(6,830	)	$	13,201
Trademark and tradename	3-15		7,589		(2,990	)		4,599
Patents	7-11		628		(351	)		277
Technology	7		10,667		(7,866	)		2,801
Software to be sold or leased	3		1,865		-			1,865
			40,780		(18,037	)		22,743

Unamortized:
Customer list			104		-			104
Trademark and tradename			61		-			61

			165		-			165

Total		$	40,945	$	(18,037	)	$	22,908

At March 31, 2024, the weighted-average amortization periods for customer relationships, trademarks and trade names, patents, technology, and capitalized software to be sold or leased were 11.9, 9.5, 7.0, 0.0, and 3.0 years, respectively.

Amortization expense for the three months ended March 31, 2023 and 2024 and the years ended December 31, 2021, 2022 and 2023 was $1,252 (unaudited), $988, $5,154, $5,079 and $5,569, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

Year Ending March 31,
2025	$	3,494
2026		3,737
2027		3,762
2028		2,919
2029		1,851
Thereafter		3,724
Finite-Lived intangible assets	$	19,487

For the three-month period ended March 31, 2024, the Company performed a qualitative assessment of goodwill. The Company considered such factors as the Company’s market capitalization as of March 31, 2024 and over a period of time, macroeconomic conditions, industry and market considerations, and overall financial performance. As of December 31, 2022 and 2023 and March 31, 2024, the Company determined that no impairment existed to the goodwill, customer list and trademark and trade name of its acquired intangible assets. There have been no changes in the carrying amount of goodwill from January 1, 2023 to March 31, 2024.