Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9 – Intangible Assets and Goodwill

Intangible assets

The Company’s identifiable intangible assets are associated with its acquisitions of HGP in 2012, NLEX in 2014 and ALT in 2021, as shown in the table below (in thousands except for lives), and are amortized using the straight-line method over their remaining estimated useful lives. The Company’s tradename that was acquired as part of the acquisition of NLEX in 2014 has an indefinite life and therefore is not amortized.


	Remaining		Carrying Value					Carrying Value
	Life		December 31,					March 31,
	(years)		2022		Amortization			2023
Amortized intangible assets:
Trade Name (HGP)		1.8	$	257	$	(32	)	$	225
Trade Name (ALT)		18.4		607		(8	)		599
Vendor Relationship (ALT)		2.4		843		(58	)		785
Total amortized intangible assets				1,707		(98	)		1,609

Unamortized intangible assets:
Trade Name (NLEX)	N/A			2,437		—			2,437
Total intangible assets			$	4,144	$	(98	)	$	4,046

Amortization expense during the three months ended March 31, 2023 and 2022 was $0.1 million. The Company estimates that the residual value for intangible assets is not significant.

As of March 31, 2023, the estimated amortization expense for the remainder of the current fiscal year and the next five fiscal years and thereafter is shown below (in thousands):


2023 (remainder of year from April 1, 2023 to December 31, 2023)	$	293
2024		391
2025		263
2026		186
2027		32
Thereafter		444
Total estimated amortization expense	$	1,609

Goodwill

The Company’s goodwill relates to its acquisition of various entities. Goodwill consists of the following at March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
ALT	$	1,861	$	1,861
HGP		2,041		2,041
NLEX		3,544		3,544
Total goodwill	$	7,446	$	7,446

There were no additions to goodwill and no impairments recorded to the carrying value of goodwill during the three months ended March 31, 2023.