5. GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of purchase consideration in a business combination over the fair value of tangible and intangible assets acquired net of the liabilities assumed. All goodwill relates to the Company’s platform segment.

The following table reflects the carrying value of goodwill (in thousands):

Intangible Assets

The following table is the summary of Company’s intangible assets (in thousands):

The Company recorded expenses of $3.6 million and $3.8 million for amortization of intangible assets during the three months ended March 31, 2021 and March 31, 2020, respectively. In three months ended March 31, 2021 and 2020, the Company recorded amortization of developed technology in Cost of revenue, platform, Cost of revenue, player and Research and development expenses. The amortization for customer relationships and tradenames is recorded in Sales and marketing expenses and the amortization of patents is recorded in General and administrative expenses in the condensed consolidated statement of operations.

The estimated future amortization expense for intangible asset for the next five years and thereafter is as follows (in thousands):