Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.24.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Changes in the carrying amount of goodwill as of December 31, 2023 and December 31, 2022 are as follows:
December 31, 2023 December 31, 2022
Balance, beginning of period $ 6,286  $ 1,835 
Acquired goodwill —  4,451 
Impairment on goodwill
 1,072  — 
Balance, end of period
 $ 5,214  $ 6,286 
The Company recognized goodwill impairment charges amounting to $1,072 for the twelve months ended on December 31, 2023 related to the purchase of MFG, which we believe has declined in value due to current market conditions and based on feedback from our strategic alternatives process. No impairment charges related to goodwill were recorded for the twelve months ended December 31, 2022.
Intangible assets consisted of the following as of December 31, 2023:
Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years)
Customer relationships $ 2,822  $ (469) $ 2,353  10
Trade name 747  (124) 623  10
Noncompetition agreement 52  (43) 9  2
Unfavorable operating lease (21) 9  (12) 4
Total $ 3,600  $ (627) $ 2,973 
The Company recorded impairment charges of $1,249 and wrote off intangibles of $481 for the year ended December 31, 2023. There were no intangible assets written off or impaired during the year ended December 31, 2022.

Intangible assets consisted of the following as of December 31, 2022:
Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years)
Customer relationships $ 3,086  $ (206) $ 2,880  10
Trade name 987  (66) 921 10
Acquired software platform 910  (61) 849 10
Customer lists 190  (42) 148 3
Noncompetition agreement 52  (17) 35 2
Favorable operating lease 699  (117) 582 4
Unfavorable operating lease (21) 4  (17) 4
Total $ 5,903  $ (505) $ 5,398 
The Company recognized $685 and $505 of amortization expense during the years ended December 31, 2023 and 2022. The Company estimates the future aggregate amortization expense related to its intangible assets as of December 31, 2023 will be as follows:
Amortization expense
2024 $ 360 
2025 352 
2026 357 
2027 357 
2028 357 
Thereafter 1,190 
Total $ 2,973