Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. Intangible Assets

 

The following table summarizes information relating to the Company’s definite-lived intangible assets:

 

    Weighted     June 30, 2024     December 31, 2023  
   

Average

     Gross           Net     Gross           Net  
    Amortization     Carrying     Accumulated     Carrying     Carrying     Accumulated     Carrying  
    Period (Years)     Amount     Amortization     Amount     Amount     Amortization     Amount  
Other Intangibles (amount in thousands)                                          
Patents   8.3     $ 726     $ (393 )   $ 333     $ 710     $ (387 )   $ 323  
Software   3       673       (570 )     103       667       (529 )     138  
Total         $ 1,399     $ (963 )   $ 436     $ 1,377     $ (916 )   $ 461  

 

The intangible assets noted above are amortized on a straight-line basis over their useful lives.

 

The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets:

 

Schedule of Finite Lived Intangible Assets, Future Amortization Expense

    Amount  
Year   (In thousands)  
       
2024 (Remaining)   $ 35  
2025     45  
2026     40  
2027     22  
2028     13  
Total   $ 155  

 

Amortization expenses relating to the definite-lived intangible assets as discussed above were $23,000 and $47,000 for the three and six months ended June 30, 2024, respectively, and $55,000 and $110,000 for the three and six months ended June 30, 2023, respectively.