GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 3. GOODWILL AND INTANGIBLE ASSETS

Goodwill was $25.1 million at December 31, 2021 and 2020. The Company’s goodwill is related to the acquisition of Monarch Black Hawk in 2012.

The Company’s finite-lived intangible assets at December 31, 2021 consist of assets related to Cloud Computing Arrangement (CCA).

On January 1, 2020, the Company adopted ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain for internal-use software. In the fourth quarter of 2020, the Company installed a new hotel management system and capitalized as intangible assets $622 thousand, representing costs for coding, testing, integration with other software and activities in the development stage. The CCA intangible assets are amortized over 5 years.

Estimated amortization expenses for the years ending December 31, 2022 through 2025 are as follows (in thousands):

Year	Expense
2022	$	124
2023	$	124
2024	$	124
2025	$	105
Total	$	477

The Company’s finite-lived intangible assets at December 31, 2020 consist of assets related to CCA and assets related to its customer relationships. The customer relationships net intangible asset was fully amortized during 2021. Customer list intangible assets at December 31, 2021 and 2020 are (in thousands except years):

	2021		2020
Customer list
Total intangible assets	$	11,111	$	11,111
Less accumulated amortization:		(11,111)		(10,138)
Intangible assets, net	$	—	$	973
Weighted-average life in years		—		0.6

In 2021, we recognized amortization expense of $0.5 million. Amortization expense of $1.2 million was recognized for each of the years ended December 31, 2020 and 2019.

The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization.