• Filing Date: 2020-11-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 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 of continuing operations for the nine months ended September 30, 2020.

 

Intangible Assets Subject to Amortization

 

The following summarizes the change in intangible assets from December 31, 2019 to September 30, 2020 (dollars in thousands):     

 

    Customer Relationships     Marketing Related     Technology Based     Internally Capitalized Software     Total  
Identifiable intangible assets   $ 461     $ 327     $ 7,206     $ 1,452     $ 9,446  
Accumulated amortization     (90 )     (150 )     (1,583 )     (194 )     (2,017 )
Identifiable intangible assets from continuing operations, net   $ 371     $ 177     $ 5,623     $ 1,258     $ 7,429  

 

 

The following provides a breakdown of identifiable intangible assets as of September 30, 2020 (dollars in thousands):

 

    December 31, 2019     Additions     Amortization     September 30, 2020  
Intangible assets subject to amortization from continuing operations                        
Customer relationships   $ 396     $ -     $ (25 )   $ 371  
Marketing related     230       -       (53 )     177  
Technology based     6,395       -       (772 )     5,623  
Internally capitalized software     1,223       162       (127 )     1,258  
Intangible assets subject to amortization from continuing operations   $ 8,244     $ 162     $ (977 )   $ 7,429  

 

These intangible assets are being amortized on a straight-line basis over their weighted average estimated useful life of 5.5 years. Amortization expense attributable to continuing operations for the three months ended September 30, 2020 and 2019 was $343,000 and $302,000, respectively, and for the nine months ended September 30, 2020 and 2019 was $977,000 and $663,000, respectively and is presented as part of general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

 

As of September 30, 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   $ 343  
2021     1,362  
2022     1,281  
2023     1,148  
2024     1,060  
Thereafter     1,452  
Capitalized software not yet placed in service     783  
Total   $ 7,429