Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets (Tables)

v3.21.2
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
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:
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 gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of September 30, 2021 and December 31, 2020, included in intangible assets, net in the accompanying condensed consolidated balance sheets, are as follows:
September 30, 2021 December 31, 2020
Useful life
Weighted
Average
Amortization
Period 2021
 2021
Weighted
Average
Amortization
Period 2020
 2020
Customer relationships
 4 years 2.5 years $ 21,859  1.8 years $ 17,100 
Brands
 10 years 9.0 years 87,860  7.8 years 26,680 
Website design and software system
 3 years 2.5 years 1,836  2.4 years 903 
Trademarks
 5 years 3.8 years 114  4.5 years 103 
Total intangible assets
 111,669  44,786 
Less accumulated amortization
 (24,356) (15,684)
Total intangible assets, net
 $ 87,313  $ 29,102 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Future estimated amortization expense for acquired identifiable intangible assets is as follows:
Amortization Expense
Year ending December 31:
Remainder of 2021
 $ 3,569 
2022 13,312 
2023 10,952 
2024 10,376 
2025 9,562 
Thereafter 39,542 
Total amortization expense $ 87,313