Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.1
Intangible Assets
3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. Intangible Assets

 

The following table summarizes information relating to the Company’s definite-lived intangible assets:

 

          March 31, 2023     December 31, 2022  
   

Weighted Average

Amortization

    Gross           Net     Gross           Net  
    Period     Carrying     Accumulated     Carrying     Carrying     Accumulated     Carrying  
    (Years)     Amount     Amortization     Amount     Amount     Amortization     Amount  
Other Intangibles (amount in thousands)                                          
Patent     8.3     $ 697     $ (377 )   $ 320     $ 711     $ (374 )   $ 337  
Software     3       647       (484 )     163       640       (468 )     172  
Customer relationships     10       3,370       (3,286 )     84       3,370       (3,250 )     120  
Total           $ 4,714     $ (4,147 )   $ 567     $ 4,721     $ (4,092 )   $ 629  

 

The intangible assets noted above are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method.

 

 

The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets:

 

    Amount  
Year   (In thousands)  
       
2023 (Remaining)   $ 140  
2024     62  
2025     26  
2026     25  
2027     22  

 

Amortization expenses relating to the definite-lived intangible assets as discussed above were $55,000 and $56,000 for the three months ended March 31, 2023 and 2022, respectively.