| Summary of Intangible Assets |
The following is a summary of intangible assets as of September 30, 2024 and December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationships |
|
|
Other
Intangible
Assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2024 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, September 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 |
|
|
(1,717 |
) |
|
|
— |
|
|
|
(1,717 |
) |
Balance, September 30, 2024 |
|
|
(26,844 |
) |
|
|
(2,461 |
) |
|
|
(29,305 |
) |
Net book value |
|
$ |
17,216 |
|
|
$ |
— |
|
|
$ |
17,216 |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2023 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, September 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 |
|
|
(1,821 |
) |
|
|
— |
|
|
|
(1,821 |
) |
Balance, September 30, 2023 |
|
|
(24,532 |
) |
|
|
(2,461 |
) |
|
|
(26,993 |
) |
Net Book Value |
|
$ |
19,528 |
|
|
$ |
— |
|
|
$ |
19,528 |
|
|
| Schedule of Future Amortization Related to Intangible Assets |
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 |
|
$ |
572 |
|
2025 |
|
|
2,193 |
|
2026 |
|
|
1,832 |
|
2027 |
|
|
1,828 |
|
2028 |
|
|
1,824 |
|
Thereafter |
|
|
8,967 |
|
Total |
|
$ |
17,216 |
|
|