| Intangible Assets, Net |
8. INTANGIBLE ASSETS, NET
The following is a summary of intangible assets as of March 31, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
Relationships |
|
|
Other
Intangible
Assets |
|
|
Total |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2022 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, March 31, 2022 |
|
|
44,060 |
|
|
|
2,461 |
|
|
|
46,521 |
|
Useful lives |
|
10-20 years |
|
|
3-5 years |
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2022 |
|
|
(20,136 |
) |
|
|
(2,461 |
) |
|
|
(22,597 |
) |
Amortization expense |
|
|
(644 |
) |
|
|
— |
|
|
|
(644 |
) |
Balance, March 31, 2022 |
|
|
(20,780 |
) |
|
|
(2,461 |
) |
|
|
(23,241 |
) |
Net book value |
|
$ |
23,280 |
|
|
$ |
— |
|
|
$ |
23,280 |
|
Cost |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2021 |
|
$ |
44,060 |
|
|
$ |
2,461 |
|
|
$ |
46,521 |
|
Balance, December 31, 2021 |
|
|
44,060 |
|
|
|
2,461 |
|
|
|
46,521 |
|
Useful lives |
|
10-20 years |
|
|
3-5 years |
|
|
|
|
Accumulated amortization |
|
|
|
|
|
|
|
|
|
Balance, January 1, 2021 |
|
|
(17,507 |
) |
|
|
(2,461 |
) |
|
|
(19,968 |
) |
Amortization expense |
|
|
(2,629 |
) |
|
|
— |
|
|
|
(2,629 |
) |
Balance, December 31, 2021 |
|
|
(20,136 |
) |
|
|
(2,461 |
) |
|
|
(22,597 |
) |
Net Book Value |
|
$ |
23,924 |
|
|
$ |
— |
|
|
$ |
23,924 |
|
Amortization expense related to intangible assets was $644 and $657 for the three months ended March 31, 2022 and 2021, 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 2022 |
|
$ |
1,931 |
|
2023 |
|
|
2,416 |
|
2024 |
|
|
2,289 |
|
2025 |
|
|
2,193 |
|
2026 |
|
|
1,832 |
|
Thereafter |
|
|
12,619 |
|
Total |
|
$ |
23,280 |
|
|