| Intangible Assets, Net |
7. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets, net as of September 30, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationships |
|
|
Other
Intangible
Assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2025 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, September 30, 2025 |
|
|
44,060 |
|
|
|
2,461 |
|
|
|
46,521 |
|
Useful lives |
|
10-20 years |
|
|
3-5 years |
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2025 |
|
|
(27,416 |
) |
|
|
(2,461 |
) |
|
|
(29,877 |
) |
Amortization expense |
|
|
(1,645 |
) |
|
|
— |
|
|
|
(1,645 |
) |
Balance, September 30, 2025 |
|
|
(29,061 |
) |
|
|
(2,461 |
) |
|
|
(31,522 |
) |
Net book value |
|
$ |
14,999 |
|
|
$ |
— |
|
|
$ |
14,999 |
|
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 |
|
Amortization expense related to intangible assets, net was $548 and $572 for the three months ended September 30, 2025 and 2024, respectively. Amortization expense related to intangible assets, net was $1,645 and $1,717 for the nine months ended September 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:
|
|
|
|
|
Remainder of 2025 |
|
$ |
548 |
|
2026 |
|
|
1,832 |
|
2027 |
|
|
1,828 |
|
2028 |
|
|
1,824 |
|
2029 |
|
|
1,820 |
|
Thereafter |
|
|
7,147 |
|
Total |
|
$ |
14,999 |
|
|