7. Intangible Assets

The following provides a breakdown of identifiable intangible assets as of December 31, 2022 and 2021 ($ 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. These assets are being amortized on a straight-line basis over their weighted average estimated useful life of 5.1 years and amortization expense amounted to $13 thousand for the years ended December 31, 2022 and 2021.

As of December 31, 2022, the estimated annual amortization expense for each of the next five fiscal years is as follows ($ in thousands):

 Schedule of Estimated Annual Amortization Expense