| Schedule of Intangible Assets and Goodwill |
The following is the summary of the changes
to the carrying amount of goodwill for the years ended December 31, 2020 and 2019:
| |
|
Year ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
($ in thousands) |
|
| Beginning gross balance |
|
$ |
12,634 |
|
|
$ |
12,594 |
|
| Acquisitions |
|
|
36,657 |
|
|
|
40 |
|
| Ending gross balance |
|
$ |
49,291 |
|
|
$ |
12,634 |
|
|
| Schedule of Finite-Lived Intangible Assets |
Below is a summary of intangible asset activity
for the years ended December 31, 2020 and 2019:
| |
|
Customer |
|
|
Capitalized |
|
|
Other Intangible |
|
|
|
|
| |
|
Relationships |
|
|
Software |
|
|
Assets |
|
|
Total |
|
| COST |
|
($ in thousands) |
|
| Balance, January 1, 2020 |
|
$ |
23,597 |
|
|
$ |
600 |
|
|
$ |
2,664 |
|
|
$ |
26,861 |
|
| Capitalized software costs |
|
|
- |
|
|
|
5,163 |
|
|
|
4,800 |
|
|
|
9,963 |
|
| Other intangible assets |
|
|
- |
|
|
|
- |
|
|
|
1,700 |
|
|
|
1,700 |
|
| Translation loss |
|
|
- |
|
|
|
(3 |
) |
|
|
(22 |
) |
|
|
(25 |
) |
| Allocation from 2020 acquisitions |
|
|
20,900 |
|
|
|
- |
|
|
|
- |
|
|
|
20,900 |
|
| Balance, December 31, 2020 |
|
$ |
44,497 |
|
|
$ |
5,760 |
|
|
$ |
9,142 |
|
|
$ |
59,399 |
|
| Useful lives |
|
|
3-12 years |
|
|
|
3 years |
|
|
|
3 years |
|
|
|
|
|
| ACCUMULATED AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, January 1, 2020 |
|
$ |
18,314 |
|
|
$ |
6 |
|
|
$ |
2,564 |
|
|
$ |
20,884 |
|
| Amortization expense |
|
|
7,694 |
|
|
|
239 |
|
|
|
604 |
|
|
|
8,537 |
|
| Balance, December 31, 2020 |
|
|
26,008 |
|
|
|
245 |
|
|
|
3,168 |
|
|
|
29,421 |
|
| Net book value |
|
$ |
18,489 |
|
|
$ |
5,515 |
|
|
$ |
5,974 |
|
|
$ |
29,978 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, January 1, 2019 |
|
$ |
22,741 |
|
|
$ |
62 |
|
|
$ |
2,651 |
|
|
$ |
25,454 |
|
| Capitalized software costs |
|
|
- |
|
|
|
538 |
|
|
|
54 |
|
|
|
592 |
|
| Translation loss |
|
|
- |
|
|
|
- |
|
|
|
(41 |
) |
|
|
(41 |
) |
| Allocation from 2019 acquisition |
|
|
856 |
|
|
|
- |
|
|
|
- |
|
|
|
856 |
|
| Balance, December 31, 2019 |
|
$ |
23,597 |
|
|
$ |
600 |
|
|
$ |
2,664 |
|
|
$ |
26,861 |
|
| Useful lives |
|
|
3-12 years |
|
|
|
3 years |
|
|
|
3 years |
|
|
|
|
|
| ACCUMULATED AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, January 1, 2019 |
|
$ |
16,458 |
|
|
$ |
- |
|
|
$ |
2,363 |
|
|
$ |
18,821 |
|
| Amortization expense |
|
|
1,856 |
|
|
|
6 |
|
|
|
201 |
|
|
|
2,063 |
|
| Balance, December 31, 2019 |
|
|
18,314 |
|
|
|
6 |
|
|
|
2,564 |
|
|
|
20,884 |
|
| Net book value |
|
$ |
5,283 |
|
|
$ |
594 |
|
|
$ |
100 |
|
|
$ |
5,977 |
|
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
As of December 31, 2020, future amortization
expense scheduled to be expensed is as follows:
| Years ending |
|
|
|
| December 31, |
|
($ in thousands) |
|
| 2021 |
|
$ |
9,186 |
|
| 2022 |
|
|
8,887 |
|
| 2023 |
|
|
7,105 |
|
| 2024 |
|
|
3,150 |
|
| 2025 |
|
|
300 |
|
| Thereafter |
|
|
1,350 |
|
| Total |
|
$ |
29,978 |
|
|