INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2021

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Tradenames	$	32,217	$	32,317
Referral relationships, net of accumulated amortization of $15,305 and $14,522, respectively		23,785		22,119
Non-compete agreements, net of accumulated amortization of $6,031 and $5,993, respectively		1,591		1,844
	$	57,593	$	56,280

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 thirteen 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 three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2021		March 31, 2020
Referral relationships	$	783	$	613
Non-compete agreements		39		177
	$	822	$	790

Based on the balance of referral relationships and non-compete agreements as of March 31, 2021, the expected amount to be amortized in 2021 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,
2021 (excluding the three months ended March 31, 2021)	$	2,333	2021 (excluding the three months ended March 31, 2021)	$	402
2022	$	3,062	2022	$	369
2023	$	2,954	2023	$	299
2024	$	2,790	2024	$	243
2025	$	2,647	2025	$	176
Thereafter	$	9,999	Thereafter	$	102