Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.2
Intangible Assets
 9 Months Ended
Sep. 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     September 30, 2020           December 31, 2019        
    Amortization     Gross           Net     Gross           Net  
    Period     Carrying     Accumulated     Carrying     Carrying     Accumulated     Carrying  
Intangibles (amount in thousands)   (Years)     Amount     Amortization     Amount     Amount     Amortization     Amount  
                                           
Patent     9.7     $ 785     $ (375 )   $ 410     $ 760     $ (358 )   $ 402  
Software     3       414       (410 )     4       414       (408 )     6  
Customer relationships     10       3,370       (2,861 )     509       3,370       (2,713 )     657  
Total           $ 4,569     $ (3,646 )   $ 923     $ 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)     $ 56  
2021       202  
2022       176  
2023       135  
2024       13  

 

Amortization expense relating to the definite-lived intangible assets as discussed above was $58,000 and $167,000 for the three and nine months ended September 30, 2020, respectively, and $60,000 and $194,000 for the three and nine months ended September 30, 2019, respectively.