Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2024
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 5. INTANGIBLE ASSETS

The Company’s finite-lived intangible assets consist of acquired intangible assets. The Company’s intangible assets as of June 30, 2024 and December 31, 2023 are summarized as follows:

Estimated

Useful Lives

June 30, 

December 31, 

($’s in thousands)

    

(Years)

    

2024

    

2023

Intangible assets - product licenses

  

3-9

$

37,925

$

37,925

Accumulated amortization

(16,124)

(14,495)

Accumulated impairment loss

 

 

(3,143)

 

(3,143)

Total intangible assets

$

18,658

$

20,287

The Company’s amortization expense for the three-month periods ended June 30, 2024 and 2023 was $0.8 million and $1.1 million, respectively. The Company’s amortization expense for the six-month periods ended June 30, 2024 and 2023 was $1.6 million and $2.1 million, respectively. Amortization expense is recorded as a component of cost of goods sold in the Company’s unaudited condensed consolidated statements of operations.

Future amortization of the Company’s intangible assets is as follows:

For the years ended

    

Total Amortization

Remainder of 2024

$

1,628

December 31, 2025

3,257

December 31, 2026

 

2,471

December 31, 2027

 

1,775

December 31, 2028

 

1,595

Thereafter

 

3,990

Subtotal

14,716

Asset not yet placed in service

 

3,942

Total

$

18,658