GOODWILL AND OTHER INTANGIBLES

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the purchase price over the identifiable net assets of businesses acquired through business combinations accounted for under the acquisition method. 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 three and six months ended June 30, 2024 and 2023.

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.

The components of Other intangibles, net as of June 30, 2024 and December 31, 2023 were as follows:


(amounts in thousands)	Expected Useful Life	June 30, 2024		December 31, 2023
Customer relationships – universities	20 years	$	6,402	$	6,402
Accumulated amortization		(2,453)		(2,293)
Total		$	3,949	$	4,109

Other intangibles, net, includes assets subject to amortization that are reviewed for impairment under FASB ASC 360, Property, Plant and Equipment. Amortization is recorded in Other expense on the unaudited Consolidated Statements of Income (Loss). BMTX recorded amortization expense of $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively.

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


Remainder of 2024	$	160
2025	320
2026	320
2027	320
2028	320
After 2028	2,509
Total	$	3,949

Impairment is recorded in Technology, communication, and processing expense on the unaudited Consolidated Statements of Income (Loss). There was no impairment for Other intangibles, net during the three and six months ended June 30, 2024 and 2023.