Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS ??? NET (Tables)

v3.22.4
GOODWILL AND INTANGIBLE ASSETS – NET (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL

 

                 
    Year Ended December 31,  
    2022     2021  
    ($ in thousands)  
Beginning gross balance   $ 61,186     $ 49,291  
Acquisition, net of adjustments     -       11,895  
Ending gross balance   $ 61,186     $ 61,186  
SCHEDULE OF FINITE - LIVED INTANGIBLE ASSETS

Below is a summary of intangible asset activity for the years ended December 31, 2022 and 2021:

 

    Customer     Capitalized     Other Intangible        
    Relationships     Software     Assets     Total  
    ($ in thousands)  
COST      
Balance, January 1, 2022   $ 47,597     $ 13,196     $ 9,632     $ 70,425  
Additions     -       9,160       19       9,179  
Translation loss     -       (809 )     -       (809 )
Allocation from 2021 acquisition     3,100       -       490       3,590  
Balance, December 31, 2022   $ 47,597     $ 21,547     $ 9,651     $ 78,795  
Useful lives     3-12 years       3 years       3 years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2022   $ 33,851     $ 1,591     $ 4,205     $ 39,647  
Amortization expense     5,672       3,341       615       9,628  
Balance, December 31, 2022     39,523       4,932       4,820       49,275  
Net book value   $ 8,074     $ 16,615     $ 4,831     $ 29,520  
                                 
COST                                
Balance, January 1, 2021   $ 44,497     $ 5,760     $ 9,142     $ 59,399  
Additions     -       7,636       -       7,636  
Translation loss     -       (200 )     -       (200 )
Allocation from 2021 acquisition     3,100       -       490       3,590  
Balance, December 31, 2021   $ 47,597     $ 13,196     $ 9,632     $ 70,425  
Useful lives     3-12 years       3 years       3 years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2021   $ 26,008     $ 245     $ 3,168     $ 29,421  
Amortization expense     7,843       1,346       1,037       10,226  
Balance, December 31, 2021     33,851       1,591       4,205       39,647  
Net book value   $ 13,746     $ 11,605     $ 5,427     $ 30,778  
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE

As of December 31, 2022, future amortization expense scheduled to be expensed is as follows:

 

           
Years ending December 31,     ($ in thousands)  
2023     $ 13,632  
2024       8,873  
2025       5,665  
2026       300  
2027       300  
Thereafter       750  
Total     $ 29,520