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INTANGIBLES
12 Months Ended
Dec. 31, 2019
INTANGIBLES [Abstract]  
INTANGIBLES

4. INTANGIBLES

Intangible assets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in Thousands

 

 

December 31, 2019

 

    

 

 

    

Accumulated

    

Impairment

    

Net Book

 

 

Cost

 

Amortization

 

Charge

 

Value

Technology

 

$

18,990

 

$

2,374

 

$

 —

 

$

16,616

Customer relationships

 

 

250

 

 

208

 

 

 —

 

 

42

Backlog

 

 

200

 

 

200

 

 

 —

 

 

 —

Covenants not to compete

 

 

30

 

 

30

 

 

 —

 

 

 —

Trademark

 

 

40

 

 

40

 

 

 —

 

 

 —

IPR&D

 

 

1,590

 

 

 —

 

 

1,590

 

 

 —

 

 

$

21,100

 

$

2,852

 

$

1,590

 

$

16,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollars in Thousands

 

 

December 31, 2018

 

    

 

 

    

Accumulated

    

Impairment

    

Net Book

 

 

Cost

 

Amortization

 

Charge

 

Value

Technology

 

$

18,990

 

$

1,424

 

$

 —

 

$

17,566

Customer relationships

 

 

250

 

 

125

 

 

 —

 

 

125

Backlog

 

 

200

 

 

200

 

 

 —

 

 

 —

Covenants not to compete

 

 

30

 

 

30

 

 

 —

 

 

 —

Trademark

 

 

40

 

 

30

 

 

 —

 

 

10

IPR&D

 

 

1,590

 

 

 —

 

 

 —

 

 

1,590

 

 

$

21,100

 

$

1,809

 

$

 —

 

$

19,291

 

 

 

 

 

 

    

Estimated Useful Life

 

Technology

 

20

years

Customer relationships

 

 3

years

Backlog

 

 1

year

Covenants not to compete

 

 1

year

Trademark

 

 2

years

 

Our IPR&D projects were accounted for as indefinite-lived intangible assets and subject to impairment testing. During 2019, the Company reviewed its IPR&D for impairment and determined that it was more likely than not that the IPR&D was fully impaired, resulting in an impairment charge of $1.6 million in 2019. For the year ended December 31, 2018, there was no impairment of IPR&D.

Amortization expense for intangible assets was $1.0 million during the year ended December 31, 2019 and $1.2 million during the year ended December 31, 2018. Amortization expense for intangible assets is expected to be $1.0 million, $0.9 million, $0.9 million, $0.9 million and $0.9 million for each of the years ending December 31, 2020, 2021, 2022, 2023 and 2024, respectively.