GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022	$	4,447,000
Goodwill attributable to the acquisition of Jackson Gear Company business (See Note 2)		833,000
Currency translation adjustment		(5,000)
Balance, March 31, 2022	$	5,275,000

Schedule of other intangible assets

	March 31, 2022						December 31, 2021
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,490,000	$	3,669,000	$	2,821,000	$	6,495,000	$	3,545,000	$	2,950,000
Trademarks and trade names (1)		2,180,000		—		2,180,000		2,187,000		—		2,187,000
Trademarks and trade names		200,000		76,000		124,000		200,000		73,000		127,000
Engineering drawings		330,000		257,000		73,000		330,000		254,000		76,000
Non-compete agreements (1)		331,000		293,000		38,000		335,000		290,000		45,000
Patents		1,286,000		1,095,000		191,000		1,286,000		1,079,000		207,000
Totals	$	10,817,000	$	5,390,000	$	5,427,000	$	10,833,000	$	5,241,000	$	5,592,000

(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:

	March 31, 2022	December 31, 2021
Customer relationships	6.5	6.7
Trademarks and trade names	9.3	9.5
Engineering drawings	4.9	5.1
Non-compete agreements	1.8	2.0
Patents	4.4	4.5

Schedule of amortization expense of intangible assets

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

Three months ended March 31,
2022		2021
$	157,000	$	159,000

Amortization expense for the balance of 2022, and for each of the next five years and thereafter is estimated to be as follows:

April 1 through December 31, 2022	$	472,000
2023		625,000
2024		576,000
2025		546,000
2026		348,000
Thereafter		680,000
	$	3,247,000