Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

7. Goodwill and Other Intangible Assets.

The following table summarizes the changes in goodwill:

Balance as of December 31, 2024	$	10,705,000
Measurement period adjustment		145,000
Other - Foreign currency translation		10,000
Balance as of March 31, 2025	$	10,860,000

During the three months ended March 31, 2025, the Company recorded a measurement period adjustment which increased goodwill by $145,000.

Other intangible assets and related amortization are as follows at March 31, 2025:

	Carrying		Useful Life	Accumulated		Net Carrying
	Amount		(Years)	Amortization		Amount
Tradename	$	8,570,000	Indefinite	$	—	$	8,570,000
Customer relationships		18,300,000	12		1,683,000		16,617,000
	$	26,870,000		$	1,683,000	$	25,187,000

For the three months ended March 31, 2025 and 2024, amortization of intangible assets expensed to operations was $381,000 and $158,000, respectively. The weighted average remaining amortization period for intangible assets as of March 31, 2025 is approximately 10.9 years.

Remaining estimated annual amortization expense is as follows for the years ended June 30:

Remainder of 2025	$	381,000
2026		1,525,000
2027		1,525,000
2028		1,525,000
2029		1,525,000
Thereafter		10,136,000
Total	$	16,617,000