11. Intangible Assets

The following provides a breakdown of identifiable intangible assets as of December 31, 2024 and 2023 ($ in thousands):

 Schedule of Breakdown of Identifiable Intangible Assets 

In connection with the May 29, 2020 acquisition of Sports Defense, the Company identified intangible assets of $55 thousand representing technology related and customer related intangibles.

In connection with the March 1, 2023 CG Labs JV, the Company identified intangible assets of $287 thousand representing technology related and customer related intangibles.

In connection with the December 1, 2023 acquisition of Kenkoderm, the Company identified intangible assets of $113 thousand representing technology related and customer related intangibles.

In connection with the May 15, 2024 acquisition of Silly George, the Company identified intangible assets of $600 thousand representing trademark related intangibles with indefinite lives.

Intangible assets with indefinite lives are tested for impairment within one year of the acquisition date or annually as of December 31, and whenever indicators of impairment exist.

These assets are being amortized on a straight-line basis over their weighted average estimated useful life of 1.9 years and amortization expense amounted to $119 and $94 thousand for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, the estimated annual amortization expense for each of the next five fiscal years is as follows ($ in thousands):

 Schedule of Estimated Annual Amortization Expense