GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 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		7,000
Impairment of Goodwill recorded at June 30, 2020		(284,000)
Balance, December 31, 2020	$	4,449,000

Schedule of Other intangible assets

	December 31, 2020						December 31, 2019
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,502,000	$	3,034,000	$	3,468,000	$	7,825,000	$	2,724,000	$	5,101,000
Trademarks and trade names (1)		2,187,000		—		2,187,000		2,375,000		—		2,375,000
Trademarks and trade names		200,000		59,000		141,000		200,000		45,000		155,000
Engineering drawings		330,000		239,000		91,000		330,000		225,000		105,000
Non-compete agreements (1)		335,000		266,000		69,000		331,000		235,000		96,000
Patents		1,286,000		1,016,000		270,000		1,405,000		978,000		427,000
Totals	$	10,840,000	$	4,614,000	$	6,226,000	$	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.

			Accumulated
	Cost		amortization		Net book value
Balance, January 1, 2020	$	12,466,000	$	4,207,000	$	8,259,000
Amortization		—		702,000		(702,000)
Impairment		(1,633,000)		(305,000)		(1,328,000)
Currency translation adjustment		7,000		10,000		(3,000)
Balance, December 31, 2020	$	10,840,000	$	4,614,000	$	6,226,000

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

	December 31, 2020	December 31, 2019
Customer relationships	7.6	8.7
Trademarks and trade names	10.5	11.5
Engineering drawings	6.1	7.1
Non-compete agreements	3.0	3.7
Patents	5.2	7.1

Schedule of Amortization expense of intangible assets

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

Years ended December 31,
2020		2019
$	702,000	$	703,000

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

2021	$	631,000
2022		630,000
2023		626,000
2024		577,000
2025		548,000
Thereafter		1,027,000
	$	4,039,000