INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2021

7. INTANGIBLE ASSETS, NET

Intangible assets, net as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Tradenames	$	32,836	$	32,317
Referral relationships, net of accumulated amortization of $16,082 and $14,522, respectively		24,707		22,119
Non-compete agreements, net of accumulated amortization of $6,170 and $5,993, respectively		1,673		1,844
	$	59,216	$	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 and six months ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Referral relationships	$	778	$	836	$	1,561	$	1,449
Non-compete agreements		138		87		177		264
	$	916	$	923	$	1,738	$	1,713

Based on the balance of referral relationships and non-compete agreements as of June 30, 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 six months ended June 30, 2021)	$	1,626	2021 (excluding the six months ended June 30, 2021)	$	281
2022	$	3,203	2022	$	406
2023	$	3,096	2023	$	336
2024	$	2,932	2024	$	279
2025	$	2,788	2025	$	213
Thereafter	$	11,062	Thereafter	$	158