GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 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 JGC business (See Note 2)		394,000
Currency translation adjustment		(33,000)
Balance, September 30, 2022	$	4,808,000

Schedule of other intangible assets

	September 30, 2022						December 31, 2021
			Accumulated		Net book				Accumulated		Net book
	Cost		amortization		value		Cost		amortization		value
Other intangible assets:
Customer relationships (1)	$	6,902,000	$	3,942,000	$	2,960,000	$	6,495,000	$	3,545,000	$	2,950,000
Trademarks and trade names (1)		2,153,000		—		2,153,000		2,187,000		—		2,187,000
Trademarks and trade names		200,000		83,000		117,000		200,000		73,000		127,000
Engineering drawings		330,000		265,000		65,000		330,000		254,000		76,000
Non-compete agreements (1)		315,000		289,000		26,000		335,000		290,000		45,000
Patents		1,286,000		1,127,000		159,000		1,286,000		1,079,000		207,000
Totals	$	11,186,000	$	5,706,000	$	5,480,000	$	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 in years for intangible assets was as follows:

	September 30, 2022	December 31, 2021
Customer relationships	6.1	6.7
Trademarks and trade names	8.8	9.5
Engineering drawings	4.4	5.1
Non-compete agreements	1.3	2.0
Patents	4.2	4.5

Schedule of amortization expense of intangible assets

Three months ended September 30,				Nine months ended September 30,
2022		2021		2022		2021
$	151,000	$	158,000	$	469,000	$	474,000

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

October 1, 2022 through December 31, 2022	$	173,000
2023		686,000
2024		637,000
2025		608,000
2026		410,000
Thereafter		813,000
	$	3,327,000