Goodwill and Intangibles
|6 Months Ended|
Jun. 30, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangibles||Goodwill and Intangibles
The following table summarizes the changes in the carrying amount of Goodwill for the six months ended June 30, 2022 (in thousands):
The Company reviews goodwill for impairment on a reporting unit basis on December 31 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. The Company's goodwill balance and other assets with indefinite lives were evaluated for potential goodwill impairment on a reporting unit basis during the period ended June 30, 2022 as certain indications on a qualitative and a quantitative basis were identified that an impairment exists as of the reporting date primarily from a sustained decrease in their stock price.
The Company utilized a mix of both the income and market approaches in determining the fair value of the reporting units. The Company noted that 50% weight was attributed to the income approach and 50% was attributed to the market approach. During the period ended June 30, 2022, the Company recognized approximately $7.6 million of goodwill impairment on Systat, GTX, Nanotron, Jibestream, CXApp, Game Your Game, and IntraNav. As of June 30, 2022, the Company's cumulative impairment charges are approximately $31.0 million with approximately $29.1 million related to the Indoor Intelligence reporting unit, approximately $1.2 million related to the Shoom reporting unit and approximately $0.7 million related to the SAVES reporting unit. As of December 31, 2021, the Company's cumulative goodwill impairment charges were approximately $23.4 million with approximately $22.2 million related to the Indoor Intelligence reporting unit and approximately $1.2 million related to the Shoom reporting unit.
Intangibles assets at June 30, 2022 and December 31, 2021 consisted of the following (in thousands):
Amortization expense for the three and six months ended June 30, 2022 was approximately $1.5 million and $3.0 million, respectively, and for the three and six months ended June 30, 2021 was approximately $1.4 million and $2.0 million, respectively.
Future amortization expense on intangibles assets is anticipated to be as follows (in thousands):
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef