Note 16 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

16.         Goodwill and Intangible Assets

Goodwill

As of December 31, 2022, the Company recognized $4.5 million in goodwill as the result of the acquisition of 50% of the membership interest in TAV on September 1, 2021 and an additional $2.0 million in goodwill as a result of the business combination with OTF on August 1, 2022.  The fair value of goodwill as of the date of acquisition, a Level 3 input, was principally based on values obtained from public and private market comps. In accordance with ASC Topic 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during the year ended December 31, 2022 that would indicate the carrying amounts may not be recoverable, and therefore determined that there were no goodwill impairments.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Consolidated Balance Sheets (in thousands):

	As of December 31, 2022		As of December 31, 2021
Intangible assets subject to amortization	$	342	$	-
Total	$	342	$	-

Intangible assets subject to amortization consisted of the following as of December 31, 2022 (dollars in thousands):

	Weighted- average remaining amortization period (in years)		Gross carrying amount		Accumulated amortization			Net carrying amount
Noncompetition agreement		4.58	$	372	$	(30	)	$	342
Total			$	372	$	(30	)	$	342

No impairment in the value of amortizing intangible assets was recognized during the year ended December 31, 2022.

Amortization expense of our intangible assets was $31,000 and $0 for the years ended December 31, 2022 and 2021, respectively.

Estimated amortization expense of our intangible assets to be recognized by the Company for the next five years is as follows (in thousands):

Year ending December 31,	Estimated Amortization Expense
2023	$	74
2024		74
2025		74
2026		74
2027		46
Total	$	342