GOODWILL AND INTANGIBLE ASSETS
|3 Months Ended|
Mar. 31, 2023
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS||
4. GOODWILL AND INTANGIBLE ASSETS
In December 2022, after performing the quantitative impairment test in accordance with ASC 350-20-35-3C, the Company determined that goodwill was impaired by $10,183. As a result of the impairment losses recognized, the carrying amount of the Company’s goodwill was reduced to $9,581 as of December 31, 2022.
The Company did not record any impairment charges during the three months ended March 31, 2023.
Intangible assets, net consisted of the following:
SCHEDULE OF INTANGIBLE ASSETS
Amortizable finite-lived intangible assets are being amortized over a period of 3 to 5 years. During the three months ended March 31, 2023 and 2022, the Company recorded amortization expense of $71 and $366, respectively.
In December 2022, the Company recorded an impairment loss of $440 on its indefinite-lived intangible assets that had been recognized as part of the Sound Concepts acquisition in 2019. The Company also recorded an impairment loss of $2 that had been recognized as part of the Solofire acquisition in 2020. As a result of the impairment losses recognized, the carrying amount of the Company’s indefinite-lived intangible assets were reduced to $0 as of December 31, 2022.
The expected future amortization expense for amortizable finite-lived intangible assets as of March 31, 2023 is as follows:
SCHEDULE OF AMORTIZATION EXPENSE FINITE LIVED INTANGIBLE ASSETS
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef