Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

The following tables summarizes the Company’s goodwill and intangible asset, all of which are related to the acquisition of Teton Simulation Software in April 2022 (in thousands):

 

(in thousands)

 

Goodwill

 

December 31, 2021

 

$

—

 

Acquisition of Teton Simulation Software

 

 

4,475

 

June 30, 2022

 

$

4,475

 

 

 

.

 

Estimated Useful Life (in years)

 

Gross carrying value

 

 

Accumulated Amortization

 

 

Net Book Value

 

Developed technology

 

7

 

$

2,220

 

 

$

(5

)

 

$

2,215

 

 

The Company recognized $5 thousand of amortization expense to costs of goods sold during the three and six months ended June 30, 2022. Revenue is the basis for the economic pattern used to determine the amortization schedule. Annual amortization expense for intangible assets is expected to be $16 thousand in 2022, $310 thousand in 2023, $553 thousand in 2024, $565 thousand in 2025, $429 thousand in 2026, and $417 thousand thereafter.