• Filing Date: 2020-05-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.1
INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTAGIBLE ASSETS

Goodwill

 

There have been no changes from December 31, 2019 in the carrying amount of goodwill for the three months ended March 31, 2020.

 

 

Intangible Assets Subject to Amortization

 

The following summarizes the change in intangible assets from December 31, 2019 to March 31, 2020 (dollars in thousands):     

 

   

December 31,

2019

    Additions     Amortization    

March 31,

2020

 
Intangible assets subject to amortization from continuing operations                        
Customer relationships   $ 396     $ -     $ (9 )   $ 387  
Marketing related     230       -       (17 )     213  
Technology based     6,395       -       (256 )     6,139  
Internally developed capitalized software     1,223       62       (31 )     1,254  
Intangible assets subject to amortization from continuing operations     8,244       62       (313 )     7,993  
Intangible assets from held for sale and discontinued operations     1,994       -       -       1,994  
Total intangible assets   $ 10,238     $ 62     $ (313 )   $ 9,987  

 

The following provides a breakdown of identifiable intangible assets as of March 31, 2020 (dollars in thousands):

 

    Customer Relationships     Marketing Related     Technology Based     Internally Developed Capitalized Software     Total  
Identifiable intangible assets   $ 461     $ 327     $ 7,206     $ 1,352     $ 9,346  
Accumulated amortization     (74 )     (114 )     (1,067 )     (98 )     (1,353 )
Identifiable intangible assets from continuing operations, net     387       213       6,139       1,254       7,993  
Identifiable intangible assets from held for sale and discontinued operations, net     1,685       309       -       -       1,994  
Identifiable intangible assets, net   $ 2,072     $ 522     $ 6,139     $ 1,254     $ 9,987  

 

These intangible assets are being amortized on a straight-line basis over their weighted average estimated useful life of 6.0 years. Amortization expense attributable to continuing operations for the three months ended March 31, 2020 and 2019 was $313,000 and $129,000, respectively, and is presented as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Amortization expense attributable to held for sale and discontinued operations for the three months ended March 31, 2020 and 2019 was $0 and $241,000, respectively, and is presented as part of income (loss) from held for sale and discontinued operations in the accompanying unaudited condensed consolidated statements of operations.

 

 

As of March 31, 2020, the estimated annual amortization expense from continuing operations for each of the next five fiscal years and thereafter is as follows (dollars in thousands):

  

2020   $ 964  
2021     1,274  
2022     1,193  
2023     1,105  
2024     1,060  
Thereafter     1,451  
Capitalized software not yet placed in service     946  
Total   $ 7,993