NOTE 7 – INTANGIBLE ASSETS
Intangible assets consist of the following:
(in thousands)
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March 31, 2024 |
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Useful |
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Gross Carrying |
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Accumulated |
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Net |
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Net Carrying |
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Life |
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Amount |
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Amortization |
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Disposal |
|
|
Amount |
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Trademarks |
|
5-10 Years |
|
$ |
2,320 |
|
|
$ |
(683 |
) |
|
$ |
— |
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|
$ |
1,637 |
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Noncompete agreements |
|
5 Years |
|
|
990 |
|
|
|
(594 |
) |
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|
— |
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|
396 |
|
Customer relationships |
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5-7 Years |
|
|
3,760 |
|
|
|
(1,485 |
) |
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|
(51 |
) |
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|
2,224 |
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Patents and patent applications |
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5 Years |
|
|
650 |
|
|
|
(33 |
) |
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|
— |
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|
|
617 |
|
|
|
|
|
$ |
7,720 |
|
|
$ |
(2,795 |
) |
|
$ |
(51 |
) |
|
$ |
4,874 |
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December 31, 2023 |
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Trademarks |
|
5-10 Years |
|
$ |
2,320 |
|
|
$ |
(605 |
) |
|
$ |
— |
|
|
$ |
1,715 |
|
Noncompete agreements |
|
5 Years |
|
|
990 |
|
|
|
(545 |
) |
|
|
— |
|
|
|
445 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760 |
|
|
|
(1,342 |
) |
|
|
(51 |
) |
|
|
2,367 |
|
Patents and patent applications |
|
(*) |
|
|
650 |
|
|
|
— |
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|
|
— |
|
|
|
650 |
|
|
|
|
|
$ |
7,720 |
|
|
$ |
(2,492 |
) |
|
$ |
(51 |
) |
|
$ |
5,177 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
Amortization expense was $303 thousand and $274 thousand for the three months ended March 31, 2024 and 2023, respectively.
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