9. Goodwill and Intangible Assets

Goodwill

The Company determined no impairment existed for goodwill for the year ended December 31, 2023.

Intangible Assets

The following table summarizes the components of gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of December 31, 2023:

Definite lived intangible assets are amortized over their estimated lives using the straight line method, which is estimated as eight years for developed technology, twelve years for intellectual property, eight years for customer relationships and one year for below market lease. The acquired trade name was estimated to have an indefinite life, and consequently, no amortization expense was recorded.  The Company determined no impairment existed for intangible assets for the year ended  December 31, 2023.

The estimated future amortization expenses related to definite lived intangible assets as of December 31, 2023 is as follows: