| Intangible Assets |
NOTE 5 – INTANGIBLE ASSETS:
Intangible assets are comprised of the following:
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Weighted Average Amortization Period |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At June 30, 2024 |
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Intangibles subject to amortization: |
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Customer relationships |
8 - 20 years |
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$ |
16,200 |
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$ |
2,186 |
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$ |
14,014 |
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Technology and technical know-how |
10 - 20 years |
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12,600 |
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1,724 |
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10,876 |
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Backlog |
4 years |
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3,900 |
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3,733 |
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|
167 |
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Tradename |
3 years |
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|
300 |
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|
66 |
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234 |
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$ |
33,000 |
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$ |
7,709 |
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$ |
25,291 |
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Intangibles not subject to amortization: |
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Tradename |
Indefinite |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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Weighted Average Amortization Period |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At June 30, 2023 |
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Intangibles subject to amortization: |
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Customer relationships |
20 years |
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$ |
11,800 |
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$ |
1,229 |
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$ |
10,571 |
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Technology and technical know-how |
20 years |
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10,100 |
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1,052 |
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9,048 |
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Backlog |
4 years |
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3,900 |
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3,162 |
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|
738 |
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$ |
25,800 |
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$ |
5,443 |
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$ |
20,357 |
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Intangibles not subject to amortization: |
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Tradename |
Indefinite |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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Intangible amortization was $554 and $446 for the three months ended June 30, 2024 and 2023, respectively. The estimated annual amortization expense by fiscal year is as follows:
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Annual Amortization |
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Remainder of 2025 |
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$ |
1,664 |
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2026 |
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1,995 |
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2027 |
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1,953 |
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2028 |
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1,895 |
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2029 |
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1,895 |
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2030 and thereafter |
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15,889 |
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Total intangible amortization |
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$ |
25,291 |
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