Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 9 - INTANGIBLE ASSETS AND GOODWILL

The following table summarizes identifiable intangible assets of the Company as of December 31, 2018 and 2017:

December 31, 2018	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Customer relationships	10	$	3,123,000		(442,000	)		2,681,000
Trademark and tradename	10 - 15		1,367,000		(178,000	)		1,189,000
Patents	11		1,489,000		(1,218,000	)		271,000
Favorable contract interest	5		388,000		(137,000	)		251,000
Covenant not to compete	4		208,000		(60,000	)		148,000
			6,575,000		(2,035,000	)		4,540,000
Unamortized:
Customer list			104,000		-			104,000
Trademark and Tradename			61,000		-			61,000
			165,000		-			165,000
Total		$	6,740,000	$	(2,035,000	)	$	4,705,000

December 31, 2017	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Customer relationships	10	$	3,123,000		(130,000	)		2,993,000
Trademark and tradename	10 - 15		1,367,000		(52,000	)		1,315,000
Patents	11		1,489,000		(1,083,000	)		406,000
Favorable contract interest	5		388,000		(40,000	)		348,000
Covenant not to compete	4		208,000		(18,000	)		190,000
			6,575,000		(1,323,000	)		5,252,000
Unamortized:
Customer list			104,000		-			104,000
Trademark and Tradename			61,000		-			61,000
			165,000		-			165,000
Total		$	6,740,000	$	(1,323,000	)	$	5,417,000

The Company tests the goodwill and other intangible assets on an annual basis in the fourth quarter or more frequently if the Company believes indicators of impairment exist. As of December 31, 2017 and 2018, the Company determined that no impairment existed to the goodwill, customer list and trademark and trade name of its acquired intangibles.

The Company also determined that the use of indefinite lives for the customer list and remaining trademark and trade name remains applicable at December 31, 2017 and 2018, as the Company expects to continue to derive future benefits from these intangible assets.

Amortization expense for the years ended December 31, 2016, 2017 and 2018 was $136,000, $375,000 and $712,000, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

Year ending December 31:
2019		712,000
2020		712,000
2021		536,000
2022		462,000
2023		438,000
Thereafter		1,680,000
	$	4,540,000

There have been no changes in the carrying amount of goodwill from January 1, 2018 to December 31, 2018.