Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill

v3.3.1.900
Intangible Assets and Goodwill
12 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets And Goodwill

NOTE 4 — INTANGIBLE ASSETS AND GOODWILL

The Company conducted its annual impairment test of goodwill as of June 30, 2015 and determined that there was no impairment. The Company also tests its intangible assets and goodwill between the annual impairment test if events occur or circumstances change that would more likely than not reduce the fair value of the Company or its assets below their carrying amounts. For intangible assets subject to amortization, the Company performs its impairment test when indicators, such as reductions in demand or significant economic slowdowns, are present. No events have occurred that triggered further impairment testing of the Company’s intangible assets and goodwill during the years ended December 31, 2015 and 2014.

Amortization expense for the years ended December 31, 2015, 2014, and 2013, totaled $63,000, $69,000, and $117,000, respectively. Estimated intangible asset amortization expense, based on existing intangible assets, for the year ending December 31, 2016, is $51,000.

The following table presents the details of the Company’s intangible assets, related accumulated amortization and goodwill (in thousands):  

 

 

As of December 31, 2015

 

 

As of December 31, 2014

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

Amortization

 

 

Impairment

 

 

Net

 

 

Gross

 

 

Amortization

 

 

Impairment

 

 

 

Net

 

 

Patents (4-10 years)

$

1,914

 

 

$

(1,914

)

 

$

 

 

$

 

 

$

1,914

 

 

$

(1,907

)

 

$

 

 

 

$

7

 

 

Trademarks (6 years)

 

69

 

 

 

(69

)

 

 

 

 

 

 

 

 

69

 

 

 

(69

)

 

 

 

 

 

 

 

 

Other (4 to 6 years)

 

817

 

 

 

(766

)

 

 

 

 

 

51

 

 

 

817

 

 

 

(710

)

 

 

 

 

 

 

107

 

 

Total

$

2,800

 

 

$

(2,749

)

 

$

 

 

$

51

 

 

$

2,800

 

 

$

(2,686

)

 

$

 

 

 

$

114

 

 

Goodwill (Indefinite life)

$

2,926

 

 

 

 

 

 

 

 

 

 

$

2,926

 

 

$

2,926

 

 

 

 

 

 

 

 

 

 

 

$

2,926