Quarterly report pursuant to Section 13 or 15(d)

Intangible assets, royalties, and goodwill

v3.21.2
Intangible assets, royalties, and goodwill
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, royalties, and goodwill Intangible assets, royalties, and goodwill
Intangible assets
The Company’s intangible assets (in thousands) and related useful lives (in years) are as follows:
September 30, 2021 December 31, 2020
Estimated useful life Gross
carrying
amount		 Accumulated
amortization		 Net carrying
amount		 Accumulated
amortization		 Net carrying
amount
Customer relationships 7 $ 7,190  $ (1,831) $ 5,359  $ (1,059) $ 6,131 
Trade name 15 7,500  (891) 6,609  (516) 6,984 
Total intangible assets $ 14,690  $ (2,722) $ 11,968  $ (1,575) $ 13,115 
Amortization expense was $0.4 million and $1.2 million for both the three and nine months ended September 30, 2021 and 2020, respectively.
The estimated future amortization of intangible assets over the remaining weighted average useful life of 9.6 years is as follows (in thousands):
Remainder of 2021 $ 382 
2022 1,527 
2023 1,527 
2024 1,527 
2025 1,527 
Thereafter 5,478 
$ 11,968 
There were no indicators or impairment of the intangible assets as of September 30, 2021.
Goodwill
Goodwill was $18.6 million as of September 30, 2021 and December 31, 2020, respectfully. The Company performed a quantitative assessment for its annual impairment test as of October 1, 2020. Under the quantitative approach, the Company makes various estimates and assumptions to determine the estimated fair value of the reporting unit using a combination of a discounted cash flow model and earnings multiples for guideline public companies. As of September 30, 2021, there was no accumulated impairment loss and no impairment expense related to goodwill and no indicators, events or changes in circumstances that would indicate goodwill was impaired during the period from October 2, 2020 through September 30, 2021.