Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill (Tables)

v3.20.4
Intangible Assets and Goodwill (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The following table summarizes identifiable intangible assets of the Company as of December 31, 2020 and 2019:

 

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  

 

December 31, 2019  

Useful

Lives (In Years)

    Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
Amortized:                                
Customer relationships     9-12     $ 19,299     $ (1,108 )   $ 18,191  
Trademark and tradename     3-15       7,553       (488 )     7,065  
Patents     7-11       2,117       (1,436 )     681  
Technology     7       10,911       (634 )     10,277  
Favorable contract interest     4       388       (234 )     154  
Covenant not to compete     5       208       (102 )     106  
              40,476       (4,002 )     36,474  
                                 
Unamortized:                                
Customer List             104       -       104  
Trademark and tradename             61       -       61  
                                 
              165       -       165  
                                 
Total           $ 40,641     $ (4,002 )   $ 36,639  
Schedule of Finite-lived Intangible Assets, Future Amortization Expense

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:

 

Year ending December 31:      
2021   $ 5,153  
2022     5,080  
2023     5,035  
2024     2,622  
2025     2,495  
Thereafter     10,726  
    $ 31,111  
Schedule of Changes in Goodwill

The change in goodwill from January 1, 2019 to December 31, 2020 is as follows:

 

Balance as of January 1, 2019   $ 7,318  
CarrierWeb acquisition     3,108  
Pointer acquisition     78,642  
Balance as of December 31, 2019     89,068  
Measurement period adjustment (a)     (5,724 )
         
Balance as of December 31, 2020     83,344  

 

  a) After considering all information related to the finalization of income taxes the Company reduced certain provisionally recorded deferred tax liabilities due to the new information with a corresponding decrease in the Pointer acquisition goodwill.