GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company recorded goodwill of $2,088 on October 1, 2020 in connection with its acquisition of Coit Staffing Inc. (see Note 5 for further information) and the Company has not had any subsequent acquisitions. Prior to the Acquisition the Company had no goodwill.

Intangible Assets

In connection with the Acquisition the Company’s Intangible assets consisted of the following components:


June 30, 2021	Average Remaining Amortization Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	1.25	$	80	$	(30)	$	50
Trade name	4.25	400		(60)		340
Customer lists	4.25	1,000		(150)		850
		$	1,480	$	(240)	$	1,240


December 31, 2020	Average Remaining Amortization Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Non-compete agreements	1.75	$	80	$	(10)	$	70
Trade name	4.75	400		(20)		380
Customer lists	4.75	1,000		(50)		950
		$	1,480	$	(80)	$	1,400

Intangible assets are amortized on a straight-line basis over their estimated useful lives. Non-compete agreements are amortized over 2 years and Trade names and Customer lists are amortized over 5 years. Amortization expense for the three and six months ended June 30, 2021 was $80 and $160, respectively. No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three and six months ended June 30, 2021, respectively.

Estimated future amortization expense for intangible assets for the remainder of the fiscal year ending December 31, 2021, and for each of the next four fiscal years are as follows:


2021	$	160
2022	310
2023	280
2024	280
2025	210
	$	1,240