Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

v3.21.2
INTANGIBLE ASSETS AND GOODWILL
6 Months Ended
Jun. 30, 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 June 30, 2021:

 

June 30, 2021 (Unaudited)  

Useful Lives

(In Years)

    Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
Amortized:                                
Customer relationships     9-12     $ 19,264     $ (3,545 )   $ 15,719  
Trademark and tradename     3-15       7,553       (1,693 )     5,860  
Patents     7-11       2,117       (1,706 )     411  
Technology     7       10,911       (4,441 )     6,470  
Favorable contract interest     4       388       (380 )     8  
Covenant not to compete     5       208       (163 )     45  
              40,441       (11,928 )     28,513  
                                 
Unamortized:                                
Customer List             104       -       104  
Trademark and tradename             61       -       61  
                                 
              165       -       165  
                                 
Total           $ 40,606     $ (11,928 )   $ 28,678  

 

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 June 30, 2021, the weighted-average amortization period for the intangible assets was 9.2 years. At June 30, 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- and six-month periods ended June 30, 2020 was $1,333 and $2,665 respectively, and for the three- and six-month periods ended June 30, 2021 was $1,298 and $2,597, 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)   $ 2,557  
2022     5,080  
2023     5,035  
2024     2,622  
2025     2,495  
2026     2,413  
Thereafter     8,311  
 Finite-Lived Intangible Assets, Net, Total   $ 28,513  

 

There have been no changes in the carrying amount of goodwill from January 1, 2020 to June 30, 2021.

 

For the six-month period ended June 30, 2021, the Company did not identify any indicators of impairment.