GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES

Goodwill represents the excess of the purchase price over the identifiable net assets of the businesses acquired through business combinations accounted for under the acquisition method. Other intangibles, net represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. We have one intangible asset which is being amortized on a straight-line basis over twenty years.

Goodwill is reviewed for impairment annually as of October 31 and between annual tests when events and circumstances indicate that impairment may have occurred. There was no goodwill impairment for the twelve months ended December 31, 2021 and 2020.

Other intangibles, net includes assets subject to amortization are reviewed for impairment under FASB ASC 360, Property, Plant and Equipment. There was no impairment for Other intangibles, net for the twelve months ended December 31, 2021 and 2020.

The components of Other intangibles, net as of December 31, 2021 and 2020 were as follows:

(amounts in thousands)	Expected Useful Life	December 31, 2021		December 31, 2020
Customer relationships – universities	20 years	$	6,402	$	6,402
Accumulated amortization		(1,653)		(1,332)
Total		$	4,749	$	5,070

Other intangibles, net amortization expense is reported in Other expense on the Consolidated Statements of Income (Loss). For the twelve months ended December 31, 2021 and 2020, BMTX recorded amortization expense of $0.3 million and $0.7 million, respectively.

The university customer relationships will be amortized in future periods as follows:

2022	$	320
2023	320
2024	320
2025	320
2026	320
After 2026	3,149
Total	$	4,749