Intangible Assets and Goodwill
|3 Months Ended|
Mar. 31, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Intangible Assets and Goodwill||
NOTE 9 - INTANGIBLE ASSETS AND GOODWILL
The following table summarizes identifiable intangible assets of the Company as of December 31, 2019 and March 31, 2020:
At March 31, 2020, the weighted-average amortization period for the intangible assets was 9.0 years. At March 31, 2020, the weighted-average amortization periods for customer relationships, trademarks and trade names, patents, technology, favorable contract interests and covenant not to compete were 11.9, 4.5, 9.8, 7.0, 4.0 and 5.0 years, respectively.
Amortization expense for the three month periods ended March 31, 2019 and 2020 was $193 and $1,332, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:
COVID-19 continues to adversely impact the broader global economy and has caused significant volatility in financial markets. If there is a lack of recovery or further global softening in certain markets, or a sustained decline in the value of the Company’s common stock, the Company may conclude that indicators of impairment exist and would then be required to calculate whether or not an impairment exists for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment charges.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef