Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.23.3
INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible assets consisted of the following:
(in thousands)
September 30, 2023 December 31, 2022
Estimated
Useful
Life in
Years
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Value
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Value
Amortizing Intangible Assets:
Customer Relationships
3 to 5
$ 7,400  $ (7,400) $ —  $ 7,400  $ (7,400) $ — 
Trademarks and Patent
2 to 8
4,500  (4,491) 4,500  (2,991) 1,509 
Operating Licenses 14 12,239  (12,239) —  12,239  (12,239) — 
Total Amortizing Intangible Assets 24,139  (24,130) 9  24,139  (22,630) 1,509 
Non-Amortizing Intangible Assets:
Trade Name Indefinite 1,350  —  1,350  1,350  —  1,350 
Total Non-Amortizing Intangible Assets 1,350    1,350  1,350    1,350 
Total Intangible Assets, Net $ 25,489  $ (24,130) $ 1,359  $ 25,489  $ (22,630) $ 2,859 
Amortization expense related to continuing operations was $0.38 million and $2.36 million for the three months ended September 30, 2023 and 2022, respectively, and $1.50 million and $7.13 million for the nine months ended September 30, 2023 and 2022, respectively.
For the purpose of the annual impairment test on September 30, 2023, the Company performed a qualitative assessment and noted no impairment of its indefinite-lived intangible assets as of September 30, 2023.