GOODWILL AND INTANGIBLE ASSETS
|9 Months Ended|
Sep. 30, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS||GOODWILL AND INTANGIBLE ASSETS
The Company had $5.1 million in goodwill as of September 30, 2021 and December 31, 2020. Other than the Business Combination and reverse recapitalization described in Note 3, there were no business combinations during the three and nine months ended September 30, 2021 and 2020. There were no indicators of impairment as of September 30, 2021 and December 31, 2020.
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset other than goodwill:
Intangible assets consist of trade names and long-term license agreements with various third parties. As further described in Note 4 to the consolidated financial statements, the MGM Marketing Agreement is an indefinite-lived intangible asset, which gives us the exclusive rights to feature MGM’s intellectual property in the Company’s games subject to automatic renewal provisions described in Note 4. The weighted-average period remaining until the next renewal is 0.8 years as of September 30, 2021. The Company is reasonably certain that it will renew the Marketing Agreement.
The aggregate amortization expense for amortizable intangible assets is reflected in “Depreciation and amortization” in the Consolidated Statements of Operations. During the three months ended September 30, 2021 and 2020, amortization was $0.1 million and $0.1 million, respectively, and during the nine months ended September 30, 2021 and 2020, amortization was $0.3 million and $0.6 million, respectively. There were no impairment charges for intangible assets for the three and nine months ended September 30, 2021 and 2020.
As of September 30, 2021, the estimated annual amortization expense for the years ending December 31, 2021 through 2025 is as follows:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef