Note 10: Goodwill and Intangible Assets, Net

Goodwill

In 2013, the Company recognized $10.4 million in goodwill, as a result of the merger with A Squared. During the first quarter of 2021, the Company recognized $9.6 million in goodwill, as a result of the acquisition of The Beacon Media Group (formerly ChizComm). As of December 31, 2021, the goodwill allocated to the Media Advisory and Advertising Services reportable segment was determined to be impaired and the Company recorded an impairment charge of $4.8 million, accordingly.

As a result of the Ameba Acquisition during the first quarter of 2022, the Company recorded goodwill of $0.7 million as determined to be the amount in excess of the fair value of the assets acquired and liabilities assumed in the acquisition. The goodwill recorded for the Ameba Acquisition was allocated to the Content Production and Distribution reportable segment.

As Beacon Communications and Ameba are incorporated as Canadian companies with CAD being their functional currency, goodwill will change each period due to currency exchange differences.

The Company will perform its annual review of goodwill during the fourth quarter. There were no events or changes in circumstances that would indicate an impairment in goodwill during the three months ended March 31, 2022.

The following table summarizes the changes in the carrying amount of goodwill by reportable segment (in thousands):

Intangible Assets, Net

The Company had the following intangible assets (in thousands) with their weighted average remaining amortization period (in years):

Intangible Assets, Net

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During the three months ended March 31, 2022 and 2021, the Company recorded amortization expense of $225,093 and $91,521, respectively.

Pursuant to ASC 350-30, General Intangibles Other than Goodwill, the Company reviews these intangible assets periodically to determine if the value should be retired or impaired due to recent events. There were no changes in events or circumstances during the three months ended March 31, 2022 that would indicate an impairment of the intangible assets.

Expected future intangible asset amortization as of March 31, 2022 is as follows (in thousands):