Intangible Assets, net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note 11 — Intangible Assets, net

The Company records amortization expense on a straight-line basis over the life of the identifiable intangible assets related to an acquisition in September 2020. For the three months ended September 30, 2024 and 2023, amortization expense of $0.5 million and for the nine months ended September 30, 2024 and 2023, amortization expense of $1.5 million, respectively, was recognized. As of September 30, 2024 and December 31, 2023, intangible assets net of accumulated amortization was $10.2 million and $11.7 million, respectively.

As of September 30, 2024, intangible assets and the related accumulated amortization, weighted-average remaining life and future amortization expense are as follows:

	September 30, 2024
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	6.0	$	13,028	$	(5,211)	$	7,817
Trademarks and tradenames	6.0	3,501		(1,400)		2,101
Non-compete agreements	1.0	1,505		(1,204)		301
Total intangible assets, net		$	18,034	$	(7,815)	$	10,219
	December 31, 2023
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	6.8	$	13,028	$	(4,234)	$	8,794
Trademarks and tradenames	6.8	3,501		(1,138)		2,363
Non-compete agreements	1.8	1,505		(978)		527
Total intangible assets, net		$	18,034	$	(6,350)	$	11,684

	Total
2024	$	488
2025	1,879
2026	1,653
2027	1,653
2028	1,653
Thereafter	2,893
Total future amortization expense	$	10,219