Veritone, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

NOTE 5. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill was $6,904 as of June 30, 2020 and December 31, 2019.

Intangible Assets

The following table sets forth the Company’s finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized:

	June 30, 2020									December 31, 2019
	Weighted Average Remaining Useful Life		Gross Carrying		Accumulated			Net Carrying		Gross Carrying		Accumulated			Net Carrying
	(in years)		Amount		Amortization			Amount		Amount		Amortization			Amount
Software and technology		1.0	$	3,582	$	(2,765	)	$	817	$	3,582	$	(2,171	)	$	1,411
Licensed technology		1.3		500		(292	)		208		500		(208	)		292
Developed technology		3.2		9,600		(3,520	)		6,080		9,600		(2,560	)		7,040
Customer relationships		3.2		9,300		(3,410	)		5,890		9,300		(2,480	)		6,820
Trademarks and trade names		0.4		100		(81	)		19		100		(59	)		41
Noncompete agreements		2.1		800		(382	)		418		800		(278	)		522
Total		3.0	$	23,882	$	(10,450	)	$	13,432	$	23,882	$	(7,756	)	$	16,126

The following table presents amortization expense associated with the Company’s finite-lived intangible assets, which is included in the consolidated statement of operations and comprehensive loss as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Cost of revenues	$	562	$	535	$	1,123	$	905
Sales and marketing		528		528		1,059		741
Research and development		256		256		512		512
General and administrative		—		3		—		5
Total	$	1,346	$	1,322	$	2,694	$	2,163

Amortization of finite-lived intangible assets in cost of revenues and research and development in the consolidated statements of operations and comprehensive loss relates primarily to acquired developed technology.

The following table presents future amortization of the Company’s finite-lived intangible assets at June 30, 2020:

2020 (six months)	$	2,688
2021		4,261
2022		3,963
2023		2,520
Total	$	13,432