Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

v3.21.2
INTANGIBLE ASSETS AND GOODWILL
9 Months Ended
Sep. 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 September 30, 2021:

 

September 30, 2021 (Unaudited)   Useful Lives (In Years)     Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
Amortized:                                
Customer relationships     9-12     $ 19,264     $ (3,951 )   $ 15,313  
Trademark and tradename     3-15       7,553       (1,895 )     5,658  
Patents     7-11       2,117       (1,728 )     389  
Technology     7       10,911       (5,075 )     5,836  
Favorable contract interest     4       388       (388 )     -  
Covenant not to compete     5       208       (172 )     36  
              40,441       (13,209 )     27,232  
                                 
Unamortized:                                
Customer List             104       -       104  
Trademark and tradename             61       -       61  
                                 
              165       -       165  
                                 
Total           $ 40,606     $ (13,209 )   $ 27,397  

 

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 September 30, 2021, the weighted-average amortization period for the intangible assets was 9.2 years. At September 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 nine-month periods ended September 30, 2020 was $1,331 and $3,996 respectively, and for the three- and nine-month periods ended September 30, 2021 was $1,282 and $3,879, 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)   $ 1,275  
2022     5,080  
2023     5,035  
2024     2,622  
2025     2,495  
2026     2,413  
Thereafter     8,312  
Finite-Lived Intangible Assets, Net, Total   $ 27,232  

 

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

 

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