7. Intangible Assets

The following provides a breakdown of identifiable intangible assets as of September 30, 2023 and December 31, 2022 ($ 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 5.7 years and amortization expense amounted to $8 thousand and $10 thousand for the nine months ended September 30, 2023, and 2022, respectively.

As of September 30, 2023, the estimated annual amortization expense for each of the next five fiscal years is as follows:

 Schedule of Estimated Annual Amortization Expense