7. Intangible Assets

Intangible asset balances consisted of the following:

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Amortization expense for the three months ended September 30, 2024 and 2023 was $3,239 and $3,239, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was $9,715 and $9,758, respectively. This amortization expense is included in depreciation and amortization in the condensed consolidated statements of operations and comprehensive loss.

During the three months ended June 30, 2023, the Company determined that its management agreement with CGSF Group, LLC (“CGSF”) was impaired. As a result, the Company recognized an impairment loss of $737 to bring the carrying value of the management agreement intangible asset to zero. This loss is included in impairment loss and loss on disposal of assets in the condensed consolidated statements of operations and comprehensive loss. During September 2023, the Company completed the CGSF/SFNY Divestiture. As part of this transaction, the Company derecognized the management agreement of $926 and all related amortization totaling $926, and the balance no longer exists.

The following table outlines the estimated future annual amortization expense for intangible assets as of September 30, 2024:

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