Intangible Assets and Goodwill
|9 Months Ended|
Sep. 30, 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 September 30, 2020:
At September 30, 2020, the weighted-average amortization period for the intangible assets was 9.2 years. At September 30, 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, 9.6, 9.8, 4.3, 4.0 and 5.0 years, respectively.
Amortization expense for the three- and nine-month periods ended September 30, 2019 was $253 and $726, respectively, and for the three- and nine-month periods ended September 30, 2020 was $1,331 and $3,996, 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. For the nine-month period ended September 30, 2020, the Company did not identify any indicators of impairment.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef