GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 9 - GOODWILL AND INTANGIBLE ASSETS

Intangible Asset Summary

Goodwill and intangible assets, net, consisted of the following (in thousands):

	September 30, 2022			December 31, 2021
Goodwill	$	4,690		$	4,690
Intangible assets subject to amortization:
Customer relationships		-			7,110
Trade name		2,613			2,610
Non-compete agreements		462			462
		3,075			10,182
Accumulated amortization		(1,776	)		(2,885	)
Customer relationships, Trade name, Non-compete agreements, net	$	1,299		$	7,297
Intellectual property and patents	$	316		$	316
Accumulated amortization		(68	)		(55	)
Intellectual property and patents, net	$	248		$	261

As of June 30, 2022, the Company’s management determined that the customer relationships have no future value and recorded an impairment charge as of that date. Impairment loss amounted to $0 and $4.6 million for the three and nine months ended September 30, 2022, respectively, and $0 for the three and nine months ended September 30, 2021, respectively.

Amortization expense was $0.2 million and $0.6 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense was $1.4 million and $1.7 million for the nine months ended September 30, 2022 and 2021, respectively.

The estimated aggregate future amortization expense is as follows (in thousands):

2022 (remaining)	$	169
2023		675
2024		512
2025		23
2026		18
2027		17
Thereafter		133
Total Amortization	$	1,547