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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9. Goodwill and Intangible Assets

Goodwill

The table below provides a reconciliation of the beginning and ending balances of the Goodwill recorded on the Company’s balance sheet:

Beginning balance - December 31, 2016	$	1,330
GM&P Acquisition		18,844
Measurement period adjustment		(275	)
Ending balance – June 30, 2017	$	19,899

The $275 represents a measurement period adjustment to the preliminary purchase price allocation of the GMP acquisition which impacted accounts payable from the reconciliation of the accounts as of the opening balance sheet date on March 1^st, 2017.

Intangible Assets

Intangible assets include Miami-Dade County Notices of Acceptances (NOA’s), which are certificates in the required to market hurricane- resistant glass in Florida. Also, it includes the intangibles acquired from the acquisition of GM&P and Componenti.

	June 30, 2017							December 31, 2016
	Gross		Acc. Amort.			Net		Gross		Acc. Amort.			Net
Trade Names	$	980	$	(65	)	$	915	$	-	$	-		$	-
Notice of Acceptances (NOAs) and product designs		9,321		(4,261	)		5,060		8,524		(3,969	)		4,555
Non-compete Agreement		165		(11	)		154		-		-			-
Contract Backlog		3,090		(515	)		2,575		-		-			-
Customer Relationships		4,140		(296	)		3,844		-					-
	$	17,696	$	(5,148	)	$	12,548	$	8,524	$	(3,969	)	$	4,555

During the three and six months ended June 30, 2017, amortization expense amounted to $936 and $1,546, respectively, and was included within the general and administration expenses in our condensed consolidated statement of operations. Similarly, amortization expense during the three and six months ended June 30, 2016 amounted to $202 and $396. The average amortization period is 5 years for the tradename, customer relationships, and non-complete agreement; for the contract backlog is 2 years, and between 5 and 10 years for the NOAs.

The estimated aggregate amortization expense for each of the five succeeding years as of June 30, 2017 is as follows:

Year Ending	*(in thousands)*
2017 (six months)	$	1,604
2018		3,322
2019		2,034
2020		1,655
2021		1,624
Thereafter		2,309
	$	12,548