Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

v3.22.0.1
Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Acquired Finite-Lived Intangible Assets The following table summarizes the identifiable intangible assets acquired as of the date of the acquisition:

Fair Value at Acquisition Date
Amortization Period
Brand $ 5,112  10 years
Customer relationships 2,583  4 years
Total intangible assets $ 7,695 
The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
Estimated Fair Value
Annual Amortization Expense
Estimated Useful
Life in Years
Brand names
$ 68,354  $ 6,835  10 years
Customer relationships
4,855  1,214  4 years
Total $ 73,209 
The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:

Fair Value at Acquisition Date
Amortization Period
Brand $ 11,800  10 years
Customer relationships 2,500  3 years
Total intangible assets $ 14,300 
The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of December 31, 2021 and 2020, included in intangible assets, net in the accompanying consolidated balance sheets, are as follows:
December 31,
Useful life
Weighted
Average
Amortization
Period 2021
2021
Weighted
Average
Amortization
Period 2020
2020
Customer relationships
4 years 2.5 years $ 24,516  1.8 years $ 17,100 
Brands
10 years 8.9 years 100,315  7.8 years 26,680 
Website design and software system
3 years 2.2 years 1,883  2.4 years 903 
Trademarks
5 years 3.3 years 114  4.5 years 103 
Total intangible assets
126,828  44,786 
Less accumulated amortization
(28,541) (15,684)
Total intangible assets, net
$ 98,287  $ 29,102 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Future estimated amortization expense for acquired identifiable intangible assets is as follows:
Year ending December 31:
2022 $ 15,349 
2023 13,028 
2024 12,327 
2025 11,022 
2026 10,027 
Thereafter 36,534 
Total amortization expense $ 98,287