Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.4
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible assets consist of customer relationships and trademark/trade name. Intangible assets are amortized on a straight‑line basis with a useful life of ten years. Amortization expense included in net income (loss) for the years ended December 31, 2022, 2021 and 2020 was $1.0 million, $0 and $0, respectively. The Company’s intangible assets subject to amortization consisted of the following:
($ in thousands)
December 31,
2022 2021
Intangible assets acquired:
Trademark/trade name $ 10,800  $ — 
Customer relationships 46,500  — 
Total intangible assets acquired 57,300  — 
Accumulated amortization:
Trademark/trade name (180) — 
Customer relationships (775) — 
Total accumulated amortization (955) — 
Intangible assets — net
$ 56,345  $ — 
Estimated remaining amortization expense subsequent fiscal years is expected to be as follows:
($ in thousands)
Year Estimated future amortization expense
2023 $ 5,730 
2024 5,730 
2025 5,730 
2026 5,730 
2027 and beyond 33,425 
Total $ 56,345 
The average amortization period remaining is approximately 9.8 years.