Goodwill and Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangibles

Goodwill and Intangibles

8. Goodwill and Intangibles

Goodwill activity for the year ended December

31, 2020 and December

31, 2019 consisted of the following:

2020

2019

Balance at beginning of year

$

17,376,000

$

21,476,000

Additions

—

—

Impairment

—

(4,100,000)

Balance at end of year

$

17,376,000

$

17,376,000

Intangible assets at December

31, 2020 were comprised of the following:

Definite-lived Intangible Assets

Amortization Period

Gross Carrying 

Amount

Accumulated 

Amortization

Net Carrying 

Amount

Trade Name

25 Years

$

250,000

$

(58,000)

$

192,000

Trademarks

10 Years

1,610,000

(476,000)

1,134,000

Non-competition Agreement

5 Years

1,810,000

(1,071,000)

739,000

Developed Technology

7 Years

4,420,000

(1,869,000)

2,551,000

Customer Relationships

10

-

12

 Years

9,330,000

(2,430,000)

6,900,000

Total

$

17,420,000

$

(5,904,000)

$

11,516,000

Intangible assets at December

31, 2019 were comprised of the following:

Definite-lived Intangible Assets

Amortization Period

Gross Carrying 

Amount

Accumulated 

Amortization

Net Carrying 

Amount

Trade Name

25 Years

$

250,000

$

(48,000)

$

202,000

Trademarks

10 Years

1,610,000

(315,000)

1,295,000

Non-competition Agreement

5 Years

1,810,000

(709,000)

1,101,000

Developed Technology

7 Years

4,420,000

(1,237,000)

3,183,000

Customer Relationships

10

-

12

 Years

9,330,000

(1,647,000)

7,683,000

Total

$

17,420,000

$

(3,956,000)

$

13,464,000

The Company incurred $

1,948,000

, $

1,949,000

 and $

1,869,000

 amortization expense for the years ended December

31, 2020,

2019, and 2018, respectively.

As of December

31, 2020, future intangible amortization was follows:

Amortization Expense

2021

$

1,949,000

2022

1,949,000

2023

1,602,000

2024

1,587,000

2025

951,000

2026 and thereafter

3,478,000

Total intangibles as of December 31, 2020

$

11,516,000