| Summary of 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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|
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Balance, January 1, 2024 |
|
$ |
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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|
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|
|
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Balance, January 1, 2024 |
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|
(25,127 |
) |
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|
(2,461 |
) |
|
|
(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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| 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:
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Remainder of 2025 |
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$ |
1,095 |
|
2026 |
|
|
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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