Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS, NET

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INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
The Company amortizes intangible assets on a straight line basis over their estimated useful lives. The estimated useful life, gross carrying amounts and accumulated amortization totals related to our identifiable intangible assets are as follows:
December 31, 2022
Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount
Customer relationships 11 years $ 16,898  $ (1,469) $ 15,429 
Acquired technology 6 years 15,275  (2,367) 12,907 
Trade name 4 years 2,000  (418) 1,582 
Total $ 34,173  $ (4,254) $ 29,918 
The weighted average useful life of our intangible assets at December 31, 2022 was 7.64 years. As described in Note 4, Acquisition, we acquired several intangible assets as part of the TVS acquisition. The Company assesses intangible assets for indicators of impairment on an annual basis, including an evaluation of our useful lives to determine if events and circumstances warrant a revision to the remaining period of amortization. If indicators of impairment are present, amortizable intangible assets are tested for impairment by comparing the carrying value to undiscounted cash flows and, if impaired, written down to fair value based on discounted cash flows. The company have not identified an impairment, nor a material change to the estimated remaining useful lives of its intangible assets during fiscal years 2022 and 2021. The intangible assets have no assigned residual values.
Amortization expense recorded for intangible assets was $3,850, $33, and $199 during fiscal years 2022, 2021, and 2020, respectively.
As of December 31, 2022, estimated intangible asset amortization expense for each of the next five years and thereafter are as follows:
Fiscal Year Amortization Expense
2023 $ 4,518 
2024 4,518 
2025 4,518 
2026 4,081 
2027 4,018 
Thereafter 8,265 
Total $ 29,918