GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2020

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of Changes in the carrying amount of goodwill

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2020	$	4,726,000
Currency translation adjustment		(11,000)
Impairment of goodwill		(284,000)
Balance, June 30, 2020	$	4,431,000

Schedule of Other intangible assets

Other intangible assets

	June 30, 2020						December 31, 2019
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,475,000	$	2,763,000	$	3,712,000	$	7,825,000	$	2,724,000	$	5,101,000
Trademarks and trade names (1)		2,169,000		—		2,169,000		2,375,000		—		2,375,000
Trademarks and trade names		200,000		52,000		148,000		200,000		45,000		155,000
Engineering drawings		330,000		232,000		98,000		330,000		225,000		105,000
Non-compete agreements (1)		324,000		242,000		82,000		331,000		235,000		96,000
Patents		1,286,000		983,000		303,000		1,405,000		978,000		427,000
Totals	$	10,784,000	$	4,272,000	$	6,512,000	$	12,466,000	$	4,207,000	$	8,259,000

(1) A portion of these intangibles are maintained in a foreign currency and are therefore subject to foreign exchange rate fluctuations.

The weighted average amortization period for intangible assets was as follows:

	June 30, 2020	December 31, 2019
Customer relationships	8.0	8.7
Trademarks and trade names	11.0	11.5
Engineering drawings	6.6	7.1
Non-compete agreements	3.4	3.7
Patents	5.6	7.1

Schedule of Amortization expense of intangible assets

Amortization expense of intangible assets subject to amortization was as follows:

Three months ended June 30,				Six months ended June 30,
2020		2019		2020		2019
$	191,000	$	172,000	$	386,000	$	344,000

Amortization expense for the balance of 2020, and for each of the next five years and thereafter is estimated to be as follows:

2020	$	316,000
2021		629,000
2022		627,000
2023		624,000
2024		575,000
2025		546,000
Thereafter		1,026,000
	$	4,343,000