Intangible Assets

9 Months Ended

Sep. 30, 2020

Intangible Assets Net Excluding Goodwill [Abstract]

Intangible Assets

G. Intangible Assets

Intangible assets are recorded at cost less accumulated amortization which is included in engineering, selling and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. Amortization is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the assets, which range up to 10 years. The intangible assets consist of intellectual property and goodwill. The net carrying value of the amortizable intangible assets was $326,000 and $362,000 as of September 30, 2020 and December 31, 2019, respectively. Goodwill, which is not amortizable, was $40,000 as of both September 30, 2020 and December 31, 2019.

Intangible assets are reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.