8. INTANGIBLE ASSETS, NET

Intangible assets, net as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands):

	September 30, 2019		December 31, 2018
Tradenames	$	32,049	$	30,256
Referral relationships, net of accumulated amortization of $10,714 and $9,370, respectively		18,967		16,895
Non-compete agreements, net of accumulated amortization of $4,901 and $4,716, respectively		2,369		1,677
	$	53,385	$	48,828

Tradenames, referral relationships and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to sixteen years. Non-compete agreements are amortized over the respective term of the agreements which range from five to six years.

The following table details the amount of amortization expense recorded for intangible assets for the nine months ended September 30, 2019 and 2018 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Referral relationships	$	593	$	569	$	1,707	$	1,648
Non-compete agreements		172		172		510		460
	$	765	$	741	$	2,217	$	2,108

Based on the balance of referral relationships and non-compete agreements as of September 30, 2019, the expected amount to be amortized in the last three months of 2019 and thereafter by year is as follows (in thousands):

Referral Relationships			Non-Compete Agreements
Years	Annual Amount		Years	Annual Amount
Ending December 31,			Ending December 31,
2019 (excluding the nine months ended September 30, 2019)	$	601	2019 (excluding the nine months ended September 30, 2019)	$	198
2020	$	2,403	2020	$	619
2021	$	2,403	2021	$	541
2022	$	2,354	2022	$	363
2023	$	2,247	2023	$	294
2024	$	2,082	2024	$	238
Thereafter	$	6,877	Thereafter	$	116