Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2024

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)		2023		Amortization			2024
Amortizable intangible assets:
Trade Name (HGP)		0.8	$	128	$	(32	)	$	96
Trade Name (ALT)		17.4		575		(8	)		567
Vendor Relationship (ALT)		2.4		613		(58	)		556
Total amortizable intangible assets				1,316		(98	)		1,218

Indefinite-lived intangible assets:
Trade Name (NLEX)	N/A			2,437		—			2,437
Total intangible assets			$	3,753	$	(98	)	$	3,655

Amortization expense during the three months ended March 31, 2024 and 2023 was $0.1 million. The Company estimates that the residual value for intangible assets is not significant.

As of March 31, 2024, 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):


Year	Amount
2024 (remainder of year from April 1, 2024 to December 31, 2024)	$	293
2025		263
2026		186
2027		32
2028		32
Thereafter		412
Total estimated amortization expense	$	1,218

Goodwill

The Company’s goodwill relates to its acquisition of various entities. Goodwill consists of the following at March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
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, 2024.