Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.1
Intangible Assets
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

 

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

 

 

    Weighted Average     March 31, 2020     December 31, 2019  
    Amortization Period     Gross
Carrying
    Accumulated     Net
Carrying
    Gross
Carrying
    Accumulated     Net
Carrying
 
    (Years)     Amount     Amortization     Amount     Amount     Amortization     Amount  
Intangibles (amount in thousands)                                          
Patent     11     $ 761     $ (364 )   $ 397     $ 760     $ (358 )   $ 402  
Software     3       420       (408 )     12       414       (408 )     6  
Customer relationships     10       3,370       (2,761 )     609       3,370       (2,713 )     657  
Total           $ 4,551     $ (3,533 )   $ 1,018     $ 4,544     $ (3,479 )   $ 1,065  

 

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)  
       
2020(remaining)   $ 167  
2021     202  
2022     175  
2023     132  
2024     10  

 

Amortization expenses relating to the definite-lived intangible assets as discussed above were $54,000 and $73,000 for the three months ended March 31, 2020 and 2019, respectively.