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Note 6 - Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350. The following table represents the change in the carrying value of goodwill for the three months ended March 31, 2020:
(In thousands) |  |  |  |
Balance as of December 31, 2019 |  | $ | 33,637 |
Correction of an error related to CBS goodwill |  |  | (131 | )
Balance as of March 31, 2020 |  | $ | 33,506 |
We adjusted goodwill from the CBS acquisition related to an immaterial error of $131,000 in payables that were paid during closing and incorrectly recorded as liabilities in our purchase price accounting as of December 31, 2019. We reduced our goodwill and accounts payable by $131,000. Intangible Assets Intangible assets, net consisted of the following at March 31, 2020:
(In thousands, except weighted average useful life) |  | March 31, 2020 |  |  |  |  |
Finite-lived intangible assets: |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
Customer Relationships |  | $ | 800 |  |  | $ | (88 | ) |  | $ | 712 |  |  |  | 5.0 |
Tradenames |  |  | 2,590 |  |  |  | (205 | ) |  |  | 2,385 |  |  |  | 7.4 |
Technology – acquired |  |  | 19,020 |  |  |  | (1,473 | ) |  |  | 17,547 |  |  |  | 7.8 |
In-process R&D (1) |  |  | 650 |  |  |  | — |  |  |  | 650 |  |  |  | 9.0 |
Total intangible assets |  | $ | 23,060 |  |  | $ | (1,766 | ) |  | $ | 21,294 |  |  |  | 7.7 |
( 1 ) In-process R&D represents the fair value of incomplete research and development that has not yet reached technological feasibility. We will amortize the asset upon technological feasibility, which has reached technological feasibility and been placed in service in the second quarter of 2020. Intangible assets, net consisted of the following at December 31, 2019:
(In thousands, except weighted average useful life) |  | December 31, 2019 |  |  |  |  |
Finite-lived intangible assets: |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
Customer Relationships |  | $ | 800 |  |  | $ | (51 | ) |  | $ | 749 |  |  |  | 5.6 |
Tradenames |  |  | 2,590 |  |  |  | (123 | ) |  |  | 2,467 |  |  |  | 8.1 |
Technology – acquired |  |  | 19,020 |  |  |  | (904 | ) |  |  | 18,116 |  |  |  | 8.4 |
In-process R&D (1) |  |  | 650 |  |  |  | — |  |  |  | 650 |  |  |  | 9.0 |
Total intangible assets |  | $ | 23,060 |  |  | $ | (1,078 | ) |  | $ | 21,982 |  |  |  | 8.3 |
( 1 ) In-process R&D represents the fair value of incomplete research and development that has not yet reached technological feasibility. We will amortize the asset upon technological feasibility, which has reached technological feasibility and been placed in service in the second quarter of 2020. Amortization expense for finite-lived intangible assets was $688,000 for the three months ended March 31, 2020. We had no amortization expense for finite-lived intangible assets for the three months ended March 31, 2019. In-process research and development was put into service in the second quarter of 2020, as such we have included the amortization in the schedule below based on an estimated life of 9 years. As of March 31, 2020, the Company expects to record the following amortization expense:
(In thousands) For the Years Ended December 31, |  | Estimated Amortization Expense |
2020 (9 months remaining) |  | $ | 2,100 |
2021 |  |  | 2,825 |
2022 |  |  | 2,825 |
2023 |  |  | 2,795 |
2024 |  |  | 2,770 |
Thereafter |  |  | 7,979 |
Total |  | $ | 21,294 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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