| Intangible Assets, Net |
8. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets as of September 30, 2024 and December 31, 2023:
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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, 2024 |
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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, 2024 |
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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, 2024 |
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(25,127 |
) |
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(2,461 |
) |
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(27,588 |
) |
Amortization expense |
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(1,717 |
) |
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— |
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(1,717 |
) |
Balance, September 30, 2024 |
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(26,844 |
) |
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(2,461 |
) |
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(29,305 |
) |
Net book value |
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$ |
17,216 |
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$ |
— |
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$ |
17,216 |
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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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Amortization expense related to intangible assets was $572 and $595 for the three months ended September 30, 2024 and 2023, respectively. Amortization expense related to intangible assets was $1,717 and $1,821 for the nine months ended September 30, 2024 and 2023, respectively.
Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:
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Remainder of 2024 |
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$ |
572 |
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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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2028 |
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1,824 |
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Thereafter |
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8,967 |
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Total |
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$ |
17,216 |
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