| Schedule of Acquired Finite-Lived Intangible Assets |
The following table summarizes the identifiable intangible assets acquired as of the date of the acquisition:
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Fair Value at Acquisition Date |
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Amortization Period |
| Brand |
$ |
5,112 |
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10 years |
| Customer relationships |
2,583 |
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4 years |
| Total intangible assets |
$ |
7,695 |
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The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
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Estimated Fair Value |
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Annual Amortization Expense |
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Estimated Useful
Life in Years
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Brand names |
$ |
68,354 |
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$ |
6,835 |
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|
10 years |
Customer relationships |
4,855 |
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|
1,214 |
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4 years |
| Total |
$ |
73,209 |
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The fair value of the acquired intangible assets was determined with the assistance of a valuation specialist and include:
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Fair Value at Acquisition Date |
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Amortization Period |
| Brand |
$ |
11,800 |
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10 years |
| Customer relationships |
2,500 |
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|
3 years |
| Total intangible assets |
$ |
14,300 |
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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:
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December 31, |
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Useful life |
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Weighted
Average
Amortization
Period 2021
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2021 |
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Weighted
Average
Amortization
Period 2020
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2020 |
Customer relationships |
4 years |
|
2.5 years |
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$ |
24,516 |
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1.8 years |
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$ |
17,100 |
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Brands |
10 years |
|
8.9 years |
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100,315 |
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7.8 years |
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26,680 |
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Website design and software system |
3 years |
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2.2 years |
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1,883 |
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2.4 years |
|
903 |
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Trademarks |
5 years |
|
3.3 years |
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114 |
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4.5 years |
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103 |
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Total intangible assets |
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126,828 |
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44,786 |
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Less accumulated amortization |
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(28,541) |
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(15,684) |
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Total intangible assets, net |
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$ |
98,287 |
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$ |
29,102 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Future estimated amortization expense for acquired identifiable intangible assets is as follows:
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Year ending December 31: |
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| 2022 |
$ |
15,349 |
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| 2023 |
13,028 |
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| 2024 |
12,327 |
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| 2025 |
11,022 |
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| 2026 |
10,027 |
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| Thereafter |
36,534 |
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| Total amortization expense |
$ |
98,287 |
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