Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.2
Intangible Assets
6 Months Ended
Jun. 30, 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     June 30, 2020     December 31, 2019  
    Amortization     Gross           Net     Gross           Net  
    Period     Carrying     Accumulated     Carrying     Carrying     Accumulated     Carrying  
    (Years)     Amount     Amortization     Amount     Amount     Amortization     Amount  
Intangibles (amount in thousands)                                          
Patent     11     $ 797     $ (368 )   $ 429     $ 760     $ (358 )   $ 402  
Software     3       420       (409 )     11       414       (408 )     6  
Customer relationships     10       3,370       (2,811 )     559       3,370       (2,713 )     657  
Total           $ 4,587     $ (3,588 )   $ 999     $ 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:

 

Year  

Amount

(In thousands)

 
       
2020(remaining)   $     112  
2021     202  
2022     175  
2023     132  
2024     10  

 

Amortization expenses relating to the definite-lived intangible assets as discussed above were $55,000 and $109,000 for the three and six months ended June 30, 2020, respectively, and $61,000 and $134,000 for the three and six months ended June 30, 2019, respectively.