| Intangible Assets, Net |
8. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets as of September 30, 2023 and December 31, 2022:
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Customer
Relationships |
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Other
Intangible
Assets |
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Total |
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Cost |
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Balance, January 1, 2023 |
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$ |
44,060 |
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$ |
2,461 |
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$ |
46,521 |
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Balance, September 30, 2023 |
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44,060 |
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|
2,461 |
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|
|
46,521 |
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Useful lives |
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10-20 years |
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3-5 years |
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Accumulated amortization |
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Balance, January 1, 2023 |
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|
(22,711 |
) |
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(2,461 |
) |
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(25,172 |
) |
Amortization expense |
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(1,821 |
) |
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— |
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(1,821 |
) |
Balance, September 30, 2023 |
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|
(24,532 |
) |
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(2,461 |
) |
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(26,993 |
) |
Net book value |
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$ |
19,528 |
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|
$ |
— |
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$ |
19,528 |
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Cost |
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|
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Balance, January 1, 2022 |
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$ |
44,060 |
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$ |
2,461 |
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$ |
46,521 |
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Balance, December 31, 2022 |
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44,060 |
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|
2,461 |
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46,521 |
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Useful lives |
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10-20 years |
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3-5 years |
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Accumulated amortization |
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Balance, January 1, 2022 |
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|
(20,136 |
) |
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(2,461 |
) |
|
|
(22,597 |
) |
Amortization expense |
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|
(2,575 |
) |
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— |
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(2,575 |
) |
Balance, December 31, 2022 |
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(22,711 |
) |
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(2,461 |
) |
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(25,172 |
) |
Net Book Value |
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$ |
21,349 |
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$ |
— |
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$ |
21,349 |
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Amortization expense related to intangible assets was $595 and $644 for the three months ended September 30, 2023 and 2022, respectively. Amortization expense related to intangible assets was $1,821 and $1,931 for the nine months ended September 30, 2023 and 2022, respectively.
Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:
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Remainder of 2023 |
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$ |
595 |
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2024 |
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2,289 |
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2025 |
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2,193 |
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2026 |
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|
1,832 |
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2027 |
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|
1,828 |
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Thereafter |
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10,791 |
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Total |
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$ |
19,528 |
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