Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 6 – Intangible Assets and Goodwill

Intangible Assets

Intangible assets as of September 30, 2024 and December 31, 2023 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows:

	September 30, 2024							December 31, 2023
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Customer relationships	$	540	$	(183	)	$	357	$	540	$	(159	)	$	381
Total intangible assets	$	540	$	(183	)	$	357	$	540	$	(159	)	$	381

The Company recognized amortization expense of approximately $8,000 and $11,000 for each of the three months ended September 30, 2024 and September 30, 2023. All were recognized in selling, general and administrative expenses on the accompanying condensed consolidated statement of operations.

The Company recognized amortization expense of approximately $24,000 and $31,000 for each of the nine months ended September 30, 2024 and September 30, 2023. All were recognized in selling, general and administrative expenses on the accompanying condensed statement of operations.

As of September 30, 2024, future amortization expense for each of the next five years is (in thousands):

Fiscal Years
2024 (excluding the nine months ended September 30, 2024)	$	8
2025		32
2026		32
2027		32
2028		32
2029		32

Goodwill

Goodwill has a carrying value on the Company’s condensed consolidated balance sheets of approximately $0.8 million at September 30, 2024 and December 31, 2023.