| 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:
SCHEDULE OF INTANGIBLE ASSETS
| 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 |
|
Covenant
Not to Complete [Member]
| 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:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
| 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.
|