Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.22.2.2
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
7.
Goodwill and Intangible Assets

The following table summarizes changes in goodwill balance:

 

Balance at December 31, 2020

 

$

-

 

Goodwill related to exactEarth acquisition

 

 

52,986

 

Impact of foreign currency translation

 

 

641

 

Balance at December 31, 2021

 

$

53,627

 

 

Intangible assets consisted of the following:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Customer relationships

 

$

24,559

 

 

$

-

 

Developed technology

 

 

13,957

 

 

 

-

 

Trade names

 

 

2,366

 

 

 

-

 

Backlog

 

 

3,268

 

 

 

-

 

Patents

 

 

491

 

 

 

591

 

FCC licenses

 

 

480

 

 

 

480

 

 

 

 

45,121

 

 

 

1,071

 

Less: Accumulated amortization

 

 

(968

)

 

 

(320

)

 

 

$

44,153

 

 

$

751

 

 

In conjunction with the exactEarth acquisition, the Company acquired intangible assets for a total of $43,621 in November 2021. As of December 31, 2021, the weighted-average amortization period for Customer relationships and Developed technology was 11.9 years, Trade names was 4.9 years, Backlog was 0.9 years and patents and FCC licenses was 7.6 years. Amortization expense related to intangible assets for the years ended December 31, 2021 and 2020, was $666 and $81, respectively.

During the year ended December 31, 2021, the Company recognized impairment charges of $91 for intangible assets relating to patent costs. No impairment charges were recognized for the year ended December 31, 2020. The patents asset balance as of December 31, 2021 and 2020 includes $196 and $284 of capitalized patent costs, respectively, that will begin amortization upon the issuance of an official patent right to the Company.

As of December 31, 2021, the expected future amortization expense of intangible assets is as follows:

 

Years ending December 31,

 

 

 

2022

 

$

6,747

 

2023

 

 

3,736

 

2024

 

 

3,729

 

2025

 

 

3,728

 

2026

 

 

3,675

 

2027 and thereafter

 

 

22,342

 

 

 

 

43,957

 

Capitalized patent costs, unissued

 

 

196

 

 

 

$

44,153