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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

8.	GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill were:


	December 31, 2024	December 31, 2023
Goodwill	$ 16,982	$ 27,212
Acquisitions	3,737	-
Impairments	(2,386)	(8,248)
Disposition	-	(2,310)
Currency translation impact	(1,107)	328
Total goodwill	$ 17,226	$ 16,982

During the fourth quarter of 2024, as part of the Company’s annual goodwill impairment assessment, the Company determined that the goodwill associated with SUCCESS was impaired, as a result of the changing market conditions surrounding print media. During the fourth quarter of 2023, as part of the Company’s annual goodwill impairment assessment, the Company determined that the goodwill associated with Virbela (included in discontinued operations), was impaired. The Company recognized goodwill impairment charges of $2,386 and $8,248 for the years ended December 31, 2024 and 2023, respectively.

The Company has a risk of future impairment to the extent that individual reporting unit performance does not meet projections. Additionally, if current assumptions and estimates, including projected revenues and income growth rates, terminal growth rates, competitive and consumer trends, market-based discount rates and other market factors, are not met, or if valuation factors outside of the Company’s control change unfavorably, the estimated fair value of goodwill could be adversely affected, leading to a potential impairment in the future.

Definite-lived intangible assets were as follows:


	December 31, 2024
	Gross	Accumulated		Net Carrying
	Amount	Amortization	Impairment	Amount
Trade name	$ 2,042	($ 943)	$ -	$ 1,099
Existing technology	5,349	(2,564)	-	2,785
Non-competition agreements	461	(272)	-	189
Customer relationships	2,560	(503)	(549)	1,508
Licensing agreement	210	(210)	-	-
Intellectual property	3,448	(578)	(1,995)	875
Total intangible assets	$ 14,070	($ 5,070)	($ 2,544)	$ 6,456


	December 31, 2023
	Gross	Accumulated		Net Carrying
	Amount	Amortization	Impairment	Amount
Trade name	$ 2,672	($ 1,030)	$ -	$ 1,642
Existing technology	3,263	(1,122)	-	2,141
Non-competition agreements	468	(125)	-	343
Customer relationships	1,285	(652)	-	633
Licensing agreement	210	(210)	-	-
Intellectual property	2,836	(583)	-	2,253
Total intangible assets	$ 10,734	($ 3,722)	$ -	$ 7,012

For the years ended December 31, 2024, 2023 and 2022, amortization expense for definite-lived intangible assets was $2,454, $2,540, and $1,904, respectively.

As part of the Company’s annual assessment, the Company also reviews the useful lives of its amortizable intangible assets and determines if there should be any change to the amortization period. In 2024, for amortizable intangible assets related to SUCCESS, the Company determined that customer relationships and content (included in Intellectual Property) should have been fully amortized as of December 31, 2024. This assessment was based on the decline in the estimated fair value for each of those assets. As a result, the Company recognized an impairment loss related to the net book value of the customer lists of $549 and content of $1,995. In 2023, for the amortizable assets related to the Virbela segment, the Company determined that the trade name and the customer relationships that were recognized as part of the acquisition, should be fully amortized as of December 31, 2023. As a result, the Company recognized an impairment loss (included in discontinued operations) related the net book value of the trade name of $585 and customer relationships $370.