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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 6. 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, 2017   $ 23,130  
GM&P measurement period adjustment     431  
Ending balance – September 30, 2018   $ 23,561  

 

Intangible Assets, Net

 

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

 

    September 30, 2018  
    Gross     Acc. Amort.     Net  
Trade Names   $ 980     $ (310 )   $ 670  
Notice of Acceptances (NOAs), product designs and other intellectual property     10,948       (5,225 )     5,723  
Non-compete Agreement     165       (52 )     113  
Contract Backlog     3,090       (2,446 )     644  
Customer Relationships     4,140       (1,404 )     2,736  
Total   $ 19,323     $ (9,437 )   $ 9,886  

  

    December 31, 2017  
    Gross     Acc. Amort.     Net  
Trade Names   $ 980     $ (163 )   $ 817  
Notice of Acceptances (NOAs), product designs and other intellectual property     10,826       (5,467 )     5,359  
Non-compete Agreement     165       (28 )     137  
Contract Backlog     3,090       (1,287 )     1,803  
Customer Relationships     4,140       (739 )     3,401  
Total   $ 19,201     $ (7,684 )   $ 11,517  

 

The weighted average amortization period is 4.9 years.

 

During the three months ended September 30, 2018 and 2017, the amortization expense amounted to $917 and $901, respectively, and was included within the general and administration expenses in our consolidated statement of operations. During the nine months ended September 30, 2018 and 2017, amortization expense was $2,661 and $2,457, respectively.

 

The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2018 is as follows:

 

Year ending   (in thousands)  
2018   $ 982  
2019     2,511  
2020     2,131  
2021     2,101  
2022     1,215  
Thereafter     946  
    $ 9,886