Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, net

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Intangible Assets, net
 6 Months Ended
Jun. 30, 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
June 30, 2024 December 31, 2023
Customer Relationships 6.0 $ 17,429  $ 17,325 
Digital Networks 13.8 803  803 
Trade Names 66.9 9,957  9,970 
Logo 0.5 7  – 
Intangible Assets, gross 28,196  28,098 
Less Accumulated Amortization (4,909) (3,794)
Foreign Currency Translation Adjustment (1,834) (1,311)
Intangible Assets, net $ 21,453  $ 22,993 
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During the three months ended June 30, 2024 and June 30, 2023 the Company recorded intangible asset amortization expense of $0.5 million for each reporting period. During the six months ended June 30, 2024 and June 30, 2023, the Company recorded intangible asset amortization expense of $1.0 million and $1.1 million, respectively.
The Company did not incur any impairment charges on its definite and indefinite-lived intangible assets during the three and six months ended June 30, 2024.
During the six months ended June 30, 2023, the Company recorded a total Impairment of Intangible Assets of $4.0 million within Operating Expenses in the condensed consolidated statement of operations. The impairment charge consisted of a write-down of definite-lived intangible assets of $2.8 million due to a decrease in an asset group’s estimated undiscounted cash flows. Furthermore, it was determined that the Frederator tradename, an indefinite-lived intangible asset, was impaired by $1.3 million.
Expected future amortization of intangible assets subject to amortization as of June 30, 2024 is as follows (in thousands):
Fiscal Year:
2024 $ 1,027 
2025 2,040 
2026 2,040 
2027 2,040 
2028 2,040 
Thereafter 6,764 
Total $ 15,951 
As of June 30, 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.