Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 7 - Goodwill And Intangible Assets

 

Goodwill

 

The Company performs a goodwill impairment analysis at least annually (in the fourth quarter of each year) unless indicators of impairment exist in interim periods. The assumptions used in the analysis are based on the Company’s internal budget. The Company projected revenue, operating margins and cash flows for a period of five years, and applied a perpetual long-term growth rate thereafter. These assumptions are reviewed annually as part of management’s budgeting and strategic planning cycles. These estimates may differ from actual results. The values assigned to each of the key assumptions reflect management’s past experience as their assessment of future trends, and are consistent with external/internal sources of information. As of June 30, 2019, no indicators of impairment existed.

 

Intangible Assets

 

The following table presents the changes in intangible assets during the period:

 

Balance at December 31, 2018   $  
Acquisition during the period     3,680,000  
Balance at June 30, 2019    

3,680,000

 
Amortization during the six months ended June 30, 2019     (368,000 )
Intangible assets, net   $ 3,312,000  

 

The following is a schedule of expected future amortization of intangible assets as of June 30, 2019:

 

    Amount  
Remainder of 2019   $ 368,000  
2020     736,000  
2021     736,000  
2022     736,000  
2023     736,000  
Total   $ 3,312,000