Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets (Tables)

v3.22.2.2
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2022
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:
Fair Value at Acquisition Date
Annual Amortization Expense
Estimated Useful
Life
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
Estimated Useful Life
Brand name $ 11,800  10 years
Customer relationships 2,500  3 years
Total $ 14,300 
The gross amounts and accumulated amortization of acquired identifiable intangible assets with finite useful lives as of September 30, 2022 and December 31, 2021, included in intangible assets, net in the accompanying condensed consolidated balance sheets, are as follows:
September 30, 2022 December 31, 2021
Useful life
Weighted
Average
Amortization
Period 2022
 2022
Weighted
Average
Amortization
Period 2021
 2021
Customer relationships
 4 years 2.5 years $ 20,910  2.5 years $ 24,516 
Brands
 10 years 8.4 years 82,746  8.9 years 100,315 
Website design and software system
 3 years 2.2 years 1,883 
Trademarks
 5 years 2.8 years 102  3.3 years 114 
Total intangible assets
 103,758  126,828 
Less accumulated amortization
 (25,691) (28,541)
Total intangible assets, net
 $ 78,067  $ 98,287 
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 2022
 $ 2,726 
2023 10,631 
2024 10,127 
2025 9,966 
2026 8,270 
Thereafter 36,347 
Total amortization expense $ 78,067