Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following:
(in thousands)
September 30, 2022 December 31, 2021
Estimated
Useful
Life in
Years 		Gross
Carrying
Amount 		Accumulated
Amortization		 Net
Carrying
Value 		Gross
Carrying
Amount 		Accumulated
Amortization		 Net
Carrying
Value
Amortizing Intangible Assets:
Customer Relationships
3 to 5
 $ 7,400  $ (7,400) $ —  $ 7,400  $ (7,400) $ — 
Trademarks and Patent
2 to 8
 4,500  (2,490) 2,010  4,500  (750) 3,750 
Operating Licenses 14 12,239  (12,239) —  100,701  (6,864) 93,837 
Total Amortizing Intangible Assets 24,139  (22,129) 2,010  112,601  (15,014) 97,587 
Non-Amortizing Intangible Assets:
Trade Name Indefinite 1,350  —  1,350  32,050  —  32,050 
Total Non-Amortizing Intangible Assets 1,350  —  1,350  32,050  —  32,050 
Total Intangible Assets, Net $ 25,489  $ (22,129) $ 3,360  $ 144,651  $ (15,014) $ 129,637 
Amortization expense related to continuing operations was $2.36 million and $1.12 million for the three months ended September 30, 2022 and 2021, respectively, and $7.13 million and $1.50 million for the nine months ended September 30, 2022 and 2021, respectively.
During the second quarter of 2022, management noted indicators of impairment of its indefinite-lived assets of certain asset groups. Specifically, changes in circumstances resulted in significant differences in actual revenue compared to projections. The Company used a discount rate under current market conditions to determine a preliminary estimate, noting an impairment of $22.10 million which is included as a component of impairment expense for the three months ended June 30, 2022.

In connection with its annual goodwill impairment test on September 30, 2022, the Company noted indicators of impairment of its intangible assets of certain asset groups. Earnings forecast for certain asset groups were revised based on a decrease in anticipated operating profits and cash flows for the next five years as it relates to current market conditions, the economic environment, and delays due to regulatory and licensing issues. The Company used various Level 3 inputs and a discounted cash flow model to determine the fair value of these asset groups. Accordingly, the Company recorded an impairment loss on intangible assets in the amount of $97.06 million for the three months ended September 2022, which is recorded as a component of impairment expense in the consolidated statements of operations.