As described in Note 1, in November 2019, the Company completed its business combination with Venus Concept Ltd., which included the addition of goodwill of $24,847 and amortizable intangible assets, represented by the technology ($16,900) and the brand name ($1,200). Goodwill associated with the Merger was primarily attributable to the future revenue growth opportunities associated with additional share in the hair restoration market, as well as the value associated with assembled workforce.

The carrying values of goodwill and indefinite-life intangible assets are subject to annual impairment assessment as of the last day of each fiscal year. Between annual assessments, impairment review may also be triggered by any significant events or changes in circumstances affecting the Company’s business. The global pandemic caused by coronavirus (“COVID-19”) has significantly impacted the Company’s business during the first three months of 2020, including its sales, supply chain, manufacturing and accounts receivable collections. As a result, the Company considered the COVID-19 pandemic as a triggering event and conducted quantitative impairment assessment of its goodwill as of March 31, 2020.

The Company has one reporting unit and the reporting unit’s carrying value was compared to its estimated fair value. As at March 31, 2020, the Company estimated its fair value using a combination of income approach and market approach. The income approach is based on the present value of future cash flows, which are derived from long term financial forecasts, and requires significant assumptions including among others, a discount rate and a terminal value. The market approach is based on the observed ratios of enterprise value to revenue multiples of the Company and other comparable publicly traded companies. Based upon the results of the goodwill impairment assessment, the Company recorded an impairment charge of $27,450 as of March 31, 2020, which represented the full balance of goodwill for the reporting unit. Based on the analysis of the intangible assets and long-lived assets performed by the management as at September 30, 2020, no further impairment was considered necessary.

	At September 30, 2020
	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	1,400	$	(219	)	$	1,181
Brand		2,500		(473	)		2,027
Technology		16,900		(2,578	)		14,322
Supplier agreement		3,000		(792	)		2,208
Total intangible assets and goodwill	$	23,800	$	(4,062	)	$	19,738

	At December 31, 2019
	Gross Amount		Accumulated Amortization			Net Amount
Goodwill	$	27,450	$	—		$	27,450
Customer relationships		1,400		(149	)		1,251
Brand		2,500		(276	)		2,224
Technology		16,900		(469	)		16,431
Supplier agreement		3,000		(568	)		2,432
Total intangible assets and goodwill	$	51,250	$	(1,462	)	$	49,788

Estimated amortization expense for the next five fiscal years and all years thereafter are as follows:


October 1, 2020 to December 31, 2020	$	868
2021		3,473
2022		3,473
2023		3,473
2024		3,473
Thereafter		4,978
Total	$	19,738