
	As of December 31,					Estimated useful life
	2019		2018
	(in thousands)
Furniture, equipment and software (includes $0.5 million and $0.4 million under finance leases and capital leases, respectively)	$	3,130	$	2,095	3 - 7 years
Personal property	1,105		1,090		5 years
Leasehold improvements	1,077		342		Lesser of lease term or 5 years
Land improvements	601		601		15 years
Building	8,064		7,773		39 years
Land	691		691
Work in process	712		—
	15,380		12,592
Less: accumulated depreciation (includes $0.2 million and $0.1 million under finance leases and capital leases, respectively)	2,215		951
Property and equipment, net	$	13,165	$	11,641

Depreciation expense for property and equipment (excluding assets recorded under finance leases and capital leases) for the years ended December 31, 2019 and 2018 was approximately $1.2 million and $0.4 million, respectively.


	December 31, 2019
	Gross carrying amount		Accumulated amortization		Carrying value		Estimated useful life
	(in thousands)
Design libraries	$	1,677	$	(103)	$	1,574	15 years
Trademarks and tradenames	3,388		(962)		2,426		1-15 years
Customer relationships	2,446		(473)		1,973		5-15 years
Other intangibles	2,089		(1,761)		328		2-15 years
	$	9,600	$	(3,299)	$	6,301


	December 31, 2018
	Gross carrying amount		Accumulated amortization		Carrying value		Estimated useful life
	(in thousands)
Trademarks and tradenames	$	2,285	$	(459)	$	1,826	5-10 years
Customer relationships	1,196		(199)		997		5 years
Other intangibles	2,061		(1,222)		839		2-15 years
	$	5,542	$	(1,880)	$	3,662

The changes in the gross carrying amount of our trademarks and tradenames, customer relationships, and design libraries are primarily due to the acquisition of Pollen Gear and Conscious Wholesale (see "Note 3—Business Combinations"). The weighted-average amortization period for intangible assets we acquired during the year ended December 31, 2019 was approximately 14 years. The weighted-average amortization period for trademarks and tradenames, customer relationships, and design libraries we acquired during the year ended December 31, 2019 was approximately 13 years, 15 years, and 15 years, respectively.

Amortization expense for intangible assets was approximately $1.4 million and $1.1 million during the years ended December 31, 2019 and 2018, respectively. Total estimated amortization expense for our intangible assets for the years 2020 through 2024 are as follows:

For the year ended December 31, 2019, we recognized approximately $6.5 million in goodwill related to business acquisitions. The goodwill generated from the business acquisitions is primarily related to the value we placed on expected business synergies. See “Note 3—Business Acquisitions.” The amount of goodwill deductible for tax purposes from the Pollen Gear acquisition is expected to be approximately $3.6 million. The amount of goodwill from the Conscious Wholesale acquisition is not tax deductible for income tax purposes in any jurisdiction in which we operate.

During the fourth quarter of 2019, we performed a qualitative assessment for our Europe reporting unit and a quantitative assessment for our U.S. reporting unit. Based on these assessments, we concluded that the fair values of our reporting units exceeded their book values and no impairment charges were required. The estimated fair value of our reporting units is highly sensitive to changes in the underlying projections and assumptions; therefore, in some instances, changes in these assumptions could potentially lead to impairment. Specifically, the decrease in the share price of our Class A common stock since December 31, 2019 and the recent outbreak COVID-19 may have material impacts on the assumptions used in determining the fair value

of our reporting units. Should these factors persist unabated, the fair value of our reporting units may decrease below their carrying values and result in an impairment charge to goodwill in future periods.


(in thousands)	U.S.		Canada		Europe		Total
Balance at December 31, 2018	$	5,446	$	—	$	—	$	5,446
Acquisitions (see Note 3—Business Acquisitions)	3,550		—		2,921		6,471
Impairment expense	—		—		—		—
Foreign currency translation adjustment	—		—		65		65
Balance at December 31, 2019	$	8,996	$	—	$	2,986	$	11,982


	December 31, 2019		December 31, 2018
	(in thousands)
Accrued expenses and other current liabilities:
Accrued purchase price consideration for business acquisition	$	3,029	$	—
Contingent consideration payable	1,568		—
Accrued taxes, state and income	1,423		665
Payroll related including bonus	1,314		1,314
Accrued offering costs	—		1,500
Other	3,088		3,490
	$	10,422	$	6,969

We established a supply chain for premium, patented, child-resistant packaging, closed-system vaporization solutions and custom-branded retail products. For these product offerings, we generally receive a deposit from the customer (generally 50% of the total order cost, but the amount can vary by customer contract), when an order is placed by a customer. Changes in our customer deposits during the year ended December 31, 2019 are as follows:


(in thousands)	Customer Deposits
Balance as of December 31, 2018	$	3,071
Increases due to deposits received, net of other adjustments	10,770
Revenue recognized	(10,689)
Balance as of December 31, 2019	$	3,152

We typically complete orders related to customer deposits within six weeks to three months from the date of order, depending on the complexity of the customization and the size of the order.