Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets.

The following table summarizes the changes in goodwill:

Balance as of January 1, 2024	$	—
Goodwill resulting from the Bloomia Acquisition		10,122,000
Measurement period adjustment		766,000
Other - Foreign currency translation		(183,000)
Balance as of December 31, 2024	$	10,705,000

During the year ended December 31, 2024, the Company recorded a measurement period adjustment which increased goodwill by $766,000. This measurement period adjustment resulted from a remeasurement of acquired payroll taxes payable, other accruals, inventory and property and equipment.

Other intangible assets and related amortization are as follows at December 31, 2024:

	Carrying		Useful Life	Accumulated		Net Carrying
	Amount		(Years)	Amortization		Amount
Tradename	$	8,570,000	Indefinite	$	—	$	8,570,000
Customer relationships		18,300,000	12		1,302,000		16,998,000
	$	26,870,000		$	1,302,000	$	25,568,000

For the year ended December 31, 2024, amortization of intangible assets expensed to operations was $1,302,000. The weighted average remaining amortization period for intangible assets as of December 31, 2024 is approximately 11.1 years.

Remaining estimated aggregate annual amortization expense is as follows for the years ended December 31:

2025	$	1,525,000
2026		1,525,000
2027		1,525,000
2028		1,525,000
2029		1,525,000
Thereafter		9,373,000
Total	$	16,998,000