Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.21.1
Intangible Assets and Goodwill
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill

NOTE 8 - INTANGIBLE ASSETS AND GOODWILL

 

The following table summarizes identifiable intangible assets of the Company as of December 31, 2020 and March 31, 2021:

 

March 31, 2021 (Unaudited)   Useful Lives (In Years)   Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
Amortized:                            
Customer relationships   9-12   $ 19,264     $ (3,139 )   $ 16,125  
Trademark and tradename   3-15     7,553       (1,493 )     6,060  
Patents   7-11     2,117       (1,683 )     434  
Technology   7     10,911       (3,806 )     7,105  
Favorable contract interest   4     388       (356 )     32  
Covenant not to compete   5     208       (152 )     56  
          40,441       (10,629 )     29,812  
                             
Unamortized:                            
Customer List         104       -       104  
Trademark and tradename         61       -       61  
                             
          165       -       165  
                             
Total       $ 40,606     $ (10,629 )   $ 29,977  

 

December 31, 2020   Useful Lives (In Years)   Gross Carrying Amount     Accumulated Amortization     Net
Carrying Amount
 
Amortized:                            
Customer relationships   9-12   $ 19,264     $ (2,732 )   $ 16,532  
Trademark and tradename   3-15     7,553       (1,292 )     6,261  
Patents   7-11     2,117       (1,661 )     456  
Technology   7     10,911       (3,172 )     7,739  
Favorable contract interest   4     388       (331 )     57  
Covenant not to compete   5     208       (142 )     66  
          40,441       (9,330 )     31,111  
                             
Unamortized:                            
Customer List         104       -       104  
Trademark and tradename         61       -       61  
                             
          165       -       165  
                             
Total       $ 40,606     $ (9,330 )   $ 31,276  

  

At March 31, 2021, the weighted-average amortization period for the intangible assets was 9.2 years. At March 31, 2021, 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-month periods ended March 31, 2020 and March 31, 2021 was $1,332 and $1,299, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

 

Year ending December 31:      
2021 (remaining)   $ 3,855  
2022     5,080  
2023     5,035  
2024     2,622  
2025     2,495  
2026     2,413  
Thereafter     8,312  
    $ 29,812  

 

There have been no changes in the carrying amount of goodwill from January 1, 2020 to March 31, 2021.

 

For the three-month period ended March 31, 2021, the Company did not identify any indicators of impairment.