NOTE 5 — INTANGIBLE ASSETS

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed in 2007 as well as the noncompetition agreements, trade names and customer relationships that were part of the Company’s acquisition of Red Wolf Company, LLC. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 3 to 7 years.

As of June 30, 2020 and December 31, 2019, the cost basis, accumulated amortization and net book value of intangible assets were as follows:


	June 30, 2020									December 31, 2019
									Remaining									Remaining
									Weighted									Weighted
					Accumulated		Net		Average					Accumulated		Net		Average
	Cost		Accumulated		Impairment		Book		Amortization			Accumulated		Impairment		Book		Amortization
	Basis		Amortization		Charges		Value		Period	Cost		Amortization		Charges		Value		Period
Intangible assets:
Noncompete agreements	$	170	$	(97)	$	—	$	73	2.6	$	170	$	(83)	$	—	$	87	3.1
Customer relationships		15,979		(6,826)		(7,592)		1,561	5.4		15,979		(6,674)		(7,592)		1,713	5.8
Trade names		9,099		(6,180)		—		2,919	7.3		9,099		(5,980)		—		3,119	7.8
Intangible assets	$	25,248	$	(13,103)	$	(7,592)	$	4,553	6.0	$	25,248	$	(12,737)	$	(7,592)	$	4,919	6.5

As of June 30, 2020, estimated future amortization expense is as follows:


2020	$	367
2021		733
2022		725
2023		664
2024		661
2025 and thereafter		1,403
Total	$	4,553