Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 7 – Intangible Assets and Goodwill

Intangible Assets

The following table shows the gross carrying values and accumulated amortization of the Company’s intangible assets by type as of September 30, 2019:

	September 30, 2019
	Gross Carrying Value		Accumulated Amortization			Intangible Assets, net
Tradenames, service marks and domain names	$	50,000	$	(7,000	)	$	43,000
Customer relationships		540,000		(24,000	)		516,000
Total intangible assets	$	590,000	$	(31,000	)	$	559,000

The Company recognized amortization expense of approximately $10,000 and $31,000 for the three and nine months ended September 30, 2019, respectively in selling, general and administrative expenses on the accompanying condensed consolidated statement of operations and comprehensive loss.

As of September 30, 2019, future amortization expense is estimated to be:

2019 (excluding the nine months ended September 30, 2019)	$	11,000
2020	$	42,000
2021	$	42,000
2022	$	42,000
2023	$	42,000
2024	$	32,000

The Company did not recognize any intangible asset impairment charges during the three or nine months ended September 30, 2019.

Goodwill

Goodwill had a carrying value on the Company’s condensed consolidated balance sheets of approximately $759,000 and $748,000 at September 30, 2019 and December 31, 2018, respectively. As a result of a final working capital adjustment, goodwill increased approximately $11,000 during the nine months ended September 30, 2019. Goodwill has been allocated to the Water Filtration segment.