NextPlat Corp Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Intangible Assets, Net

Note 12 - Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

Note 12. Intangible Assets, net

Intangible assets, net consisted of the following (in thousands):

	*March 31, 2024*
	(Unaudited)
	*Gross amount*		*Accumulated amortization*			*Net Amount*
Pharmacy records	$	8,130	$	(1,219	)	$	6,911
Trade names		4,700		(353	)		4,347
Developed technology		2,880		(432	)		2,448
Customer Contracts		250		(231	)		19
Total intangible assets	$	15,960	$	(2,235	)	$	13,725

	*December 31, 2023*
	(Audited)
	*Gross amount*		*Accumulated amortization*			*Net Amount*
Pharmacy records	$	8,130	$	(807	)	$	7,323
Trade names		4,700		(224	)		4,476
Developed technology		2,880		(281	)		2,599
Customer Contracts		250		(225	)		25
Total intangible assets	$	15,960	$	(1,537	)	$	14,423

Amortization of customer contracts is included in depreciation and amortization in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). For the three months ended March 31, 2024 and 2023, the Company recognized amortization expense of approximately $0.7 million and $0.01 million, respectively. Future amortization of intangible assets is as follows:

Year		*Amount*
2024 (remaining nine months)	$	2,023
2025		2,672
2026		2,672
2027		2,672
2028		1,571
Thereafter		2,115
Total	$	13,725