Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

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GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 5 – GOODWILL AND INTANGIBLE ASSETS

 

The following table provides the gross carrying value of goodwill as follows:

 

    Amounts  
    (in thousands)
Balance at December 31, 2023   $ 965  
Acquired during the period     —  
Balance at March 31, 2024   $ 965  

 

The following table provides the gross carrying amount and accumulated amortization for each major class of intangible asset:

 

    March 31,
2024 		    December 31,
2023 		 
    (in thousands)  
Intangible assets subject to amortization                
Developed technology   $ 10,100     $ 10,100  
Less: Accumulated amortization     715       477  
Total   $ 9,385     $ 9,623  
Intangible assets not subject to amortization                
Internet domain rights   $ 120     $ 120  
Total intangible assets, net   $ 9,505     $ 9,743  

 

During the quarter ended March 31, 2024, the Company recorded amortization of $238,000. No amortization was recorded during the quarter ended March 31, 2023.

 

At March 31, 2024, the related amortization for each of the next five years is as follows (in thousands):

 

Year Ending December 31,        
Remainder of 2024     $  715  
2025       953  
2026       953  
2027       953  
2028 and beyond       5,811  
      $ 9,385