| Intangible Assets, Net |
8. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets as of June 30, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationships |
|
|
Other
Intangible
Assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2024 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, June 30, 2024 |
|
|
44,060 |
|
|
|
2,461 |
|
|
|
46,521 |
|
Useful lives |
|
10-20 years |
|
|
3-5 years |
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2024 |
|
|
(25,127 |
) |
|
|
(2,461 |
) |
|
|
(27,588 |
) |
Amortization expense |
|
|
(1,145 |
) |
|
|
— |
|
|
|
(1,145 |
) |
Balance, June 30, 2024 |
|
|
(26,272 |
) |
|
|
(2,461 |
) |
|
|
(28,733 |
) |
Net book value |
|
$ |
17,788 |
|
|
$ |
— |
|
|
$ |
17,788 |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2023 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, June 30, 2023 |
|
|
44,060 |
|
|
|
2,461 |
|
|
|
46,521 |
|
Useful lives |
|
10-20 years |
|
|
3-5 years |
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2023 |
|
|
(22,711 |
) |
|
|
(2,461 |
) |
|
|
(25,172 |
) |
Amortization expense |
|
|
(1,225 |
) |
|
|
— |
|
|
|
(1,225 |
) |
Balance, June 30, 2023 |
|
|
(23,936 |
) |
|
|
(2,461 |
) |
|
|
(26,397 |
) |
Net Book Value |
|
$ |
20,124 |
|
|
$ |
— |
|
|
$ |
20,124 |
|
Amortization expense related to intangible assets was $573 and $595 for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to intangible assets was $1,145 and $1,225 for the six months ended June 30, 2024 and 2023, 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 2024 |
|
$ |
1,144 |
|
2025 |
|
|
2,193 |
|
2026 |
|
|
1,832 |
|
2027 |
|
|
1,828 |
|
2028 |
|
|
1,824 |
|
Thereafter |
|
|
8,967 |
|
Total |
|
$ |
17,788 |
|
|