Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.2
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2020
Intangible Assets Net Excluding Goodwill [Abstract]  
Intangible Assets, Net

8. INTANGIBLE ASSETS, NET

The following is a summary of intangible assets as of September 30, 2020 and December 31, 2019:

 

 

 

Customer
Relationships

 

 

Other
Intangible
Assets

 

 

Total

 

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2020

  

$

44,060

  

 

$

2,467

  

 

$

46,527

  

Disposal

 

 

—

 

 

 

(6

)

 

 

(6

)

Balance, September 30, 2020

  

 

44,060

 

 

 

2,461

 

 

 

46,521

  

Useful lives

  

 

10-20 years

 

 

 

3-5 years

 

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2020

  

 

(14,833

)

 

 

(2,408

)

 

 

(17,241

)

Amortization expense

  

 

(2,011

)

 

 

(58

)

 

 

(2,069

)

Disposal

 

 

—

 

 

 

5

 

 

 

5

 

Balance, September 30, 2020

  

 

(16,844

)

 

 

(2,461

)

 

 

(19,305

)

Net book value

  

$

27,216

 

 

$

—

 

 

$

27,216

  

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

  

$

22,560

  

 

$

2,467

  

 

$

25,027

  

Acquisition of Cortina

 

 

21,500

 

 

 

—

 

 

 

21,500

 

Balance, December 31, 2019

  

 

44,060

  

 

 

2,467

  

 

 

46,527

  

Useful lives

  

 

10-20 years

  

 

 

3-5 years

  

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

  

 

(12,887

)

 

 

(2,247

)

 

 

(15,134

)

Amortization expense

  

 

(1,946

)

 

 

(161

)

 

 

(2,107

)

Balance, December 31, 2019

 

 

(14,833

)

 

 

(2,408

)

 

 

(17,241

)

Net Book Value

  

$

29,227

 

 

$

59

 

 

$

29,286

 

 

Amortization expense related to intangible assets was $664 and $705 for the three months ended September 30, 2020 and 2019, respectively.  Amortization expense related to intangible assets was $2,069 and $1,401 for the nine months ended September 30, 2020 and 2019, respectively.

 

During the nine months ended September 30, 2020, the Company wrote off other intangible assets related to a non-compete agreement with one of the principals of Jamison which was no longer in effect at September 30, 2020 with a cost of $6 and the related accumulated amortization of $5.

Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:

 

2020 (remainder of)

  

$

663

  

2021

  

 

2,629

  

2022

  

 

2,575

  

2023

  

 

2,416

  

2024

  

 

2,289

 

Thereafter

  

 

16,644

 

Total

  

$

27,216