Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.22.1
INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2022
INTANGIBLE ASSETS  
Goodwill And Intangible Assets

7. INTANGIBLE ASSETS

 

Intangible Assets

 

A reconciliation of the beginning and ending balances of intangible assets and accumulated amortization during the three months ended March 31, 2022 and intangible assets, net as of December 31, 2021 are as follows:

 

 

 

Definite Life Intangibles

 

 

Indefinite Life Intangibles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology/

 

 

Brands &

 

 

 

(in thousands)

 

Know How

 

 

Tradenames

 

 

Total

 

Costs

 

 

 

 

 

 

 

 

 

Balance—December 31, 2021

 

 $ 3,258

 

 

 $ 37,707

 

 

 $ 40,965

 

 Business acquisition

 

 

 -

 

 

 

 -

 

 

 

 -

 

 Agreement termination

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance—March 31, 2022

 

 $ 3,258

 

 

 $ 37,707

 

 

 $ 40,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2021

 

 $ (209 )

 

 $ -

 

 

 $ (209 )

 Agreement termination

 

 

 -

 

 

 

 -

 

 

 

 -

 

Amortization

 

 

 (82 )

 

 

 -

 

 

 

 (82 )

Other

 

 

 -

 

 

 

 -

 

 

 

 -

 

Balance—March 31, 2022

 

 $ (291 )

 

 $ -

 

 

 $ (291 )

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 $ 3,049

 

 

 $ 37,707

 

 

 $ 40,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Book Value

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 $ 2,967

 

 

 $ 37,707

 

 

 $ 40,674

 

 

Intangible assets with finite lives are amortized over their estimated useful lives. Amortization periods of assets with finite lives are based on management’s estimates at the date of acquisition. The Company recorded amortization expense of $82 and $9 for the three months ended March 31, 2022, and 2021, respectively.

 

The Company estimates that amortization expense for our existing other intangible assets will be approximately $325 annually for each of the next ten fiscal years. Actual amortization expense to be reported in future periods could differ from these estimates as a result of new intangible asset acquisitions, changes in useful lives or other relevant factors or changes.