9. Goodwill and Intangible Assets, Net

Goodwill

As of December 31, 2019, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of Weeden Prime, and there was no goodwill as of December 31, 2018. See “Note 3 – Acquisitions” for more detail on the nature of the goodwill acquired from Weeden Prime.

The Company will assess the goodwill recognized as a result of the Weeden Prime acquisition in a future period for potential impairment if there are any indicators that the fair value recorded will be not be recovered.

Intangible Assets, Net

The Company recorded intangible assets which are subject to amortization over their estimated useful lives. As part of the acquisition of Weeden Prime, the Company acquired two intangible assets, Weeden Prime’s customer relationships and Weeden Prime’s trade name. Weeden Prime is an introducing broker for the transactions of institutional customers and has maintained relationships with these customers. The Company expects to continue to benefit from the customer relationships for a foreseeable future. Weeden Prime has a respected trade name in the financial services industry for providing quality services to clients. The Company will continue to operate Weeden Prime under this trade name for a period of six months from the acquisition date. The intangible assets are deductible for tax purposes.

The following table summarizes information related to the intangible assets as of the dates indicated.

			As of December 31, 2019
	Date Acquired	Original Useful Life (Years)	Remaining Useful Life (Years)	Gross Amount			Accumulated Amort			Net Amount
Weeden Prime Customer Relationships	11/30/19	6.0 years	5.9 years		$	987,000		$	23,000		$	964,000
Weeden Prime Trade Name	11/30/19	0.5 years	0.4 years			70,000			12,000			58,000
Total Intangible assets					$	1,057,000		$	35,000		$	1,022,000

The amortization expense for the year ended December 31, 2019 was $35,000 and the weighted average amortization period as of December 31, 2019 was 5.6 years.

The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for the below periods to be as follows:

	Amount
2020	$	223,000
2021		165,000
2022		165,000
2023		165,000
2024		165,000
2025		139,000
Total future amortization expense	$	1,022,000