| Intangible Assets, Net |
8. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets as of September 30, 2019 and December 31, 2018:
|
|
|
Customer
Relationships
|
|
|
Other
Intangible
Assets
|
|
|
Total
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2019
|
|
$
|
22,560
|
|
|
$
|
2,467
|
|
|
$
|
25,027
|
|
|
Acquisition of Cortina
|
|
|
21,500
|
|
|
|
—
|
|
|
|
21,500
|
|
|
Balance, September 30, 2019
|
|
|
44,060
|
|
|
|
2,467
|
|
|
|
46,527
|
|
|
Useful lives
|
|
|
10-20 years
|
|
|
|
3-5 years
|
|
|
|
|
|
|
Accumulated amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2019
|
|
|
(12,887
|
)
|
|
|
(2,247
|
)
|
|
|
(15,134
|
)
|
|
Amortization expense
|
|
|
(1,280
|
)
|
|
|
(121
|
)
|
|
|
(1,401
|
)
|
|
Balance, September 30, 2019
|
|
|
(14,167
|
)
|
|
|
(2,368
|
)
|
|
|
(16,535
|
)
|
|
Net book value
|
|
$
|
29,893
|
|
|
$
|
99
|
|
|
$
|
29,992
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2018
|
|
$
|
22,560
|
|
|
$
|
2,467
|
|
|
$
|
25,027
|
|
|
Balance, December 31, 2018
|
|
|
22,560
|
|
|
|
2,467
|
|
|
|
25,027
|
|
|
Useful lives
|
|
|
10-20 years
|
|
|
|
3-5 years
|
|
|
|
|
|
|
Accumulated amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2018
|
|
|
(11,367
|
)
|
|
|
(2,082
|
)
|
|
|
(13,449
|
)
|
|
Amortization expense
|
|
|
(1,520
|
)
|
|
|
(165
|
)
|
|
|
(1,685
|
)
|
|
Balance, December 31, 2018
|
|
|
(12,887
|
)
|
|
|
(2,247
|
)
|
|
|
(15,134
|
)
|
|
Net Book Value
|
|
$
|
9,673
|
|
|
$
|
220
|
|
|
$
|
9,893
|
|
Amortization expense related to intangible assets was $705 and $420 for the three months ended September 30, 2019 and 2018, respectively. Amortization expense related to intangible assets was $1,401 and $1,265 for the nine months ended September 30, 2019 and 2018, 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:
|
2019 (remainder of)
|
|
$
|
706
|
|
|
2020
|
|
|
2,733
|
|
|
2021
|
|
|
2,629
|
|
|
2022
|
|
|
2,575
|
|
|
2023
|
|
|
2,416
|
|
|
Thereafter
|
|
|
18,933
|
|
|
Total
|
|
$
|
29,992
|
|
|