Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.22.2.2
Intangible Assets, Net
9 Months Ended
Sep. 30, 2022
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, 2022 and December 31, 2021:

 

 

 

Customer
Relationships

 

 

Other
Intangible
Assets

 

 

Total

 

Cost

 

 

 

 

 

 

 

 

 

Balance, January 1, 2022

 

$

44,060

 

 

$

2,461

 

 

$

46,521

 

Balance, September 30, 2022

 

 

44,060

 

 

 

2,461

 

 

 

46,521

 

Useful lives

 

10-20 years

 

 

3-5 years

 

 

 

 

Accumulated amortization

 

 

 

 

 

 

 

 

 

Balance, January 1, 2022

 

 

(20,136

)

 

 

(2,461

)

 

 

(22,597

)

Amortization expense

 

 

(1,931

)

 

 

 

 

 

(1,931

)

Balance, September 30, 2022

 

 

(22,067

)

 

 

(2,461

)

 

 

(24,528

)

Net book value

 

$

21,993

 

 

$

 

 

$

21,993

 

Cost

 

 

 

 

 

 

 

 

 

Balance, January 1, 2021

 

$

44,060

 

 

$

2,461

 

 

$

46,521

 

Balance, December 31, 2021

 

 

44,060

 

 

 

2,461

 

 

 

46,521

 

Useful lives

 

10-20 years

 

 

3-5 years

 

 

 

 

Accumulated amortization

 

 

 

 

 

 

 

 

 

Balance, January 1, 2021

 

 

(17,507

)

 

 

(2,461

)

 

 

(19,968

)

Amortization expense

 

 

(2,629

)

 

 

 

 

 

(2,629

)

Balance, December 31, 2021

 

 

(20,136

)

 

 

(2,461

)

 

 

(22,597

)

Net Book Value

 

$

23,924

 

 

$

 

 

$

23,924

 

Amortization expense related to intangible assets was $644 and $657 for the three months ended September 30, 2022 and 2021, respectively. Amortization expense related to intangible assets was $1,931 and $1,971 for the nine months ended September 30, 2022 and 2021, respectively.

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

 

Remainder of 2022

 

$

644

 

2023

 

 

2,416

 

2024

 

 

2,289

 

2025

 

 

2,193

 

2026

 

 

1,832

 

Thereafter

 

 

12,619

 

Total

 

$

21,993