Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

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Intangible Assets, net
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net Intangible Assets, net
Intangible Assets, net
The Company had the following intangible assets (in thousands) with their weighted average remaining amortization period (in years):
Intangible Assets, net
Weighted Average Remaining Amortization Period As of
March 31, 2024 December 31, 2023
Customer Relationships 6.2 $ 17,396  $ 17,325 
Digital Networks 14.0 803  803 
Trade Names 67.2 9,971  9,970 
Intangible Assets, gross 28,170  28,098 
Less Accumulated Amortization (4,381) (3,794)
Foreign Currency Translation Adjustment (1,674) (1,311)
Intangible Assets, net $ 22,115  $ 22,993 
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During the three months ended March 31, 2024 and 2023, the Company recorded intangible asset amortization expense of $0.5 million and $0.6 million, respectively.
During the three months ended March 31, 2023, due to changes in the Company's financial projections, the Company reassessed its definite and indefinite-lived intangible asset values to determine whether impairments existed. As a result, the Company recorded a total Impairment of Intangible Assets of $4.0 million within Operating Expenses in the condensed consolidated statement of operations for the three months ended March 31, 2023.
Expected future amortization of intangible assets subject to amortization as of March 31, 2024 is as follows (in thousands):
Fiscal Year:
2024 $ 1,544 
2025 2,059 
2026 2,059 
2027 2,059 
2028 2,059 
Thereafter 6,787 
Total $ 16,567 
As of March 31, 2024, $5.5 million of the Company’s intangible assets related to the acquired trade names from the Wow acquisition had indefinite lives and are not subject to amortization.