Intangible Assets and Goodwill
|12 Months Ended|
Dec. 31, 2020
|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 2019:
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. The Company tests goodwill and other indefinite lives intangible assets on an annual basis in the fourth quarter and more frequently if the Company believes indicators of impairment exists. As of December 31, 2019, and 2020, the Company determined that no impairment existed to the goodwill, customer list and trademark and trade name of its acquired intangibles.
The Company also determined that the use of indefinite lives for the customer list and remaining trademark and trade name remains applicable at December 31, 2019 and 2020, as the Company expects to continue to derive future benefits from these intangible assets.
At December 31, 2020, the weighted-average amortization period for the intangible assets was 9.2 years. At December 31, 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 years ended December 31, 2018, 2019 and 2020 was $712, $1,967 and $5,328, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:
The change in goodwill from January 1, 2019 to December 31, 2020 is as follows:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef