| Schedule of Acquired Finite-Lived Intangible Assets |
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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Annual Amortization Expense |
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Estimated Useful
Life
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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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Estimated Useful Life |
| Brand name |
$ |
11,800 |
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10 years |
| Customer relationships |
2,500 |
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3 years |
| Total |
$ |
14,300 |
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The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of June 30, 2022 and December 31, 2021, included in intangible assets, net in the accompanying condensed consolidated balance sheets, are as follows:
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June 30, 2022 |
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December 31, 2021 |
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Useful life |
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Weighted
Average
Amortization
Period 2022
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2022 |
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Weighted
Average
Amortization
Period 2021
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2021 |
Customer relationships |
4 years |
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2.4 years |
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$ |
22,923 |
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2.5 years |
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$ |
24,516 |
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Brands |
10 years |
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8.4 years |
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95,865 |
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8.9 years |
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100,315 |
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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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Trademarks |
5 years |
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2.8 years |
|
109 |
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3.3 years |
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114 |
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Total intangible assets |
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118,897 |
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126,828 |
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Less accumulated amortization |
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(33,349) |
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(28,541) |
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Total intangible assets, net |
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$ |
85,548 |
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$ |
98,287 |
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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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Amortization Expense |
| Year ending December 31: |
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Remainder of 2022 |
$ |
6,399 |
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| 2023 |
12,234 |
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| 2024 |
11,712 |
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| 2025 |
9,970 |
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| 2026 |
9,582 |
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| Thereafter |
35,651 |
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| Total amortization expense |
$ |
85,548 |
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