Note 5 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE

5

– GOODWILL AND INTANGIBLE ASSETS

The Company's goodwill carrying value as of

December 31, 2019

and

2018

was

$22.1

million, and is related to the acquisition of Natural Habitat.

The carrying amounts and accumulated amortization of the Company’s intangibles, net are as follows:

	As of December 31,
	2019									2018
(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Tradenames	$	2,900	$	(709	)	$	2,191		11.3	$	2,900	$	(515	)	$	2,385
Customer Lists		3,300		(2,420	)		880		1.3		3,300		(1,760	)		1,540
Operating rights		6,529		(3,204	)		3,325		4.6		6,529		(2,479	)		4,050
Total intangibles, net	$	12,729	$	(6,333	)	$	6,396		6.4	$	12,729	$	(4,754	)	$	7,975

The Company began amortizing operating rights with a gross carrying value of

$6.5

million in

July 2015,

as a result of changes to the laws regarding cupos in the Galapagos National Park. See Note

2

– Summary of Significant Policies,

Intangible Assets

 for a description of, and rationale for, amortizing operating rights. Amortization expense for each of the years ended

December 31, 2019,

2018

and

2017

was $

1.6

 

million

.

Future expected amortization expense related to these intangibles are as follows:

Year	Amount
	(In thousands)
2020	$	1,579
2021		1,139
2022		919
2023		919
2024		617
Thereafter		1,223
	$	6,396