Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 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		50,000
Balance as of June 30, 2024	$	10,172,000

During the three and six months ended June 30, 2024, the Company recorded a measurement period adjustment which increased goodwill by $50,000. This measurement period adjustment resulted from a remeasurement of acquired payroll taxes payable. 

Other intangible assets and related amortization are as follows at June 30, 2024:

	Cross Carrying		Useful Life		Accumulated		Net Carrying
	Amount		(Years)		Amortization		Amount
Tradename	$	8,570,000	Indefinite		$	-	$	8,570,000
Customer relationships		18,300,000		12		539,000		17,761,000
	$	26,870,000			$	539,000	$	26,331,000

For the three and six months ended June 30, 2024 amortization of intangible assets expensed to operations was $381,000 and $539,000, respectively. The weighted average remaining amortization period for intangible assets as of June 30, 2024 is approximately 11.6 years.

Remaining estimated aggregate annual amortization expense is as follows:

	June 30, 2024
Remainder of 2024	$	763,000
2025		1,525,000
2026		1,525,000
2027		1,525,000
2028		1,525,000
Thereafter		10,898,000
Total	$	17,761,000