Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets NOTE 7 – GOODWILL AND INTANGIBLE ASSETS

The Company recorded a provisional goodwill balance totaling $15,776,000 as of March 31, 2022. See further discussion within Note 3, Business Combinations.

Excluding the provisional intangible assets totaling $16,356,000 discussed within Note 3, Business Combinations, the Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows:

March 31, 2022

Gross Carrying Amount

Accumulated Amortization

Net

Tradename & trademark

$

4,288,000

$

(1,865,000)

$

2,423,000

$

4,288,000

$

(1,865,000)

$

2,423,000

December 31, 2021

Gross Carrying Amount

Accumulated Amortization

Net

Tradename & trademark

$

4,288,000

$

(1,508,000)

$

2,780,000

$

4,288,000

$

(1,508,000)

$

2,780,000

Amortization expense on these identifiable intangible assets was $357,000 in each of the first three months of 2022 and 2021. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:

Year Ending December 31:

Q2 – Q4 2022

$

1,072,000

2023

1,351,000