| Intangible Assets, Net |
7. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets, net as of June 30, 2025 and December 31, 2024:
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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, 2025 |
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$ |
44,060 |
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$ |
2,461 |
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$ |
46,521 |
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Balance, June 30, 2025 |
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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, 2025 |
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(27,416 |
) |
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(2,461 |
) |
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(29,877 |
) |
Amortization expense |
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(1,097 |
) |
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— |
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(1,097 |
) |
Balance, June 30, 2025 |
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(28,513 |
) |
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(2,461 |
) |
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(30,974 |
) |
Net book value |
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$ |
15,547 |
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$ |
— |
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$ |
15,547 |
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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, June 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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(1,145 |
) |
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— |
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(1,145 |
) |
Balance, June 30, 2024 |
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(26,272 |
) |
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(2,461 |
) |
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(28,733 |
) |
Net Book Value |
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$ |
17,788 |
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$ |
— |
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$ |
17,788 |
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Amortization expense related to intangible assets, net was $548 and $573 for the three months ended June 30, 2025 and 2024, respectively. Amortization expense related to intangible assets, net was $1,097 and $1,145 for the six months ended June 30, 2025 and 2024, respectively.
Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:
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Remainder of 2025 |
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$ |
1,095 |
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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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2029 |
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1,820 |
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Thereafter |
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7,148 |
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Total |
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$ |
15,547 |
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