10. Goodwill and Intangible Assets, Net

Goodwill

As of December 31, 2020 and 2019, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of WPS.

The goodwill from the acquisition consisted of WPS providing a new customer base of institutional clients, several strategic clearing relationships, as well as substantial cross-selling opportunities for the institutional and retail clients. The addition of WPS brings economies of scale in terms of operational and administrative functions as well as a skilled management team within the institutional space to Siebert. See “Note 3 – Acquisitions” for more detail on the acquisition of WPS.

Intangible Assets, Net

As a result of the Company’s acquisition of WPS, the Company acquired intangible assets consisting of WPS customer relationships and trade name, the fair values of which were $987,000 and $70,000, respectively, as of the acquisition date. The Company recorded intangible assets which are subject to amortization over their estimated useful lives. The intangible assets are deductible for tax purposes.

Pursuant to the Company’s agreement with the original owners of WPS, the Company agreed to discontinue using the name of Weeden Prime Services, LLC and filed to change it to WPS Prime Services, LLC in May 2020. As of December 31, 2020, the WPS trade name was fully amortized.

The following tables summarize information related to the intangible assets as of the dates indicated.

	Date Acquired	Original Useful Life	Remaining Useful Life As of December 31, 2020
WPS Customer Relationships	11/30/19	6.0 years	4.9 years
WPS Trade Name	11/30/19	0.5 years		—

	Purchase Price		2019 Amortization		Balance as of December 31, 2019		2020 Amortization		Balance as of December 31, 2020
WPS Customer Relationships	$	987,000	$	23,000	$	964,000	$	155,000	$	809,000
WPS Trade Name		70,000		12,000		58,000		58,000		—
Total Intangible assets	$	1,057,000	$	35,000	$	1,022,000	$	213,000	$	809,000

The weighted average remaining useful life for the above intangible assets as of December 31, 2020 was 4.9 years.

The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for the below periods

to be as follows:

	Amount
2021	$	165,000
2022		165,000
2023		165,000
2024		165,000
2025		149,000
Total future amortization expense	$	809,000

Impairment