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

(

) 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

(

) 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

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

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