6. Other Intangible Assets

A reconciliation of the beginning and ending balances of intangible assets and accumulated amortization during the nine months ended September 30, 2023 and intangible assets, net as of December 31, 2022, are as follows:

Intangible assets with finite lives are amortized over their estimated useful lives. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition. The Company recorded amortization expense of $305 and $244 for the nine months ended September 30, 2023, and 2022, respectively.

The Company estimates that amortization expense for our existing other intangible assets will average $399 annually for the next five fiscal years. Actual amortization expense to be reported in future periods could differ from these estimates as a result of new intangible asset acquisitions, changes in useful lives or other relevant factors or changes.

During the three months ending September 30, 2023, the Company recorded impairment expense of $13,793 on the Lowell Brands intangible assets that were sold in October, 2023. The Company recorded the impairment to recognize the fair market value of the assets as of the end of the current period. Refer to Note 18 Subsequent Events for further details of the transaction.