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Note 6 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
6. | Goodwill and Intangible Assets
Goodwill The following table represents the changes in the carrying value of goodwill for the year ended December 31, 2020:
(In thousands) |  | Goodwill |
Balance as of December 31, 2018 |  | $ | - |
Goodwill related to Astero acquisition |  |  | 9,515 |
Goodwill related to SAVSU acquisition |  |  | 21,037 |
Goodwill related to CBS acquisition |  |  | 3,085 |
Balance as of December 31, 2019 |  |  | 33,637 |
Correction of an error related to CBS goodwill |  |  | (131 | )
Goodwill related to SciSafe acquisition |  |  | 24,943 |
Balance as of December 31, 2020 |  | $ | 58,449 |
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 December 31, 2020 and 2019:
(In thousands, except weighted average useful life) |  | December 31, 2020 |  |  |  |  |
Finite-lived intangible assets: |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (in years) |
Customer Relationships |  | $ | 8,220 |  |  | $ | (330 | ) |  | $ | 7,890 |  |  |  | 12.8 |
Tradenames |  |  | 6,610 |  |  |  | (508 | ) |  |  | 6,102 |  |  |  | 14.0 |
Technology - acquired |  |  | 19,670 |  |  |  | (3,232 | ) |  |  | 16,438 |  |  |  | 7.1 |
Non-compete agreements |  |  | 660 |  |  |  | (41 | ) |  |  | 619 |  |  |  | 3.8 |
Total intangible assets |  | $ | 35,160 |  |  | $ | (4,111 | ) |  | $ | 31,049 |  |  |  | 9.7 |
|  | December 31, 2019 |  |  |  |  |
|  | 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 had not yet reached technological feasibility as of December 31, 2019. In the second quarter of 2020, the asset reached technological feasibility and was placed in service.
Amortization expense for finite-lived intangible assets was $3.0 million and $1.1 million for the year ended December 31, 2020 and 2019, respectively. In-process research and development was put into service in the second quarter of 2020. As of December 31, 2020, the Company expects to record the following amortization expense:
(In thousands) |  |  |  |
For the Years Ended December 31, |  | Estimated Amortization Expense |
2021 |  | $ | 3,731 |
2022 |  |  | 3,731 |
2023 |  |  | 3,701 |
2024 |  |  | 3,635 |
2025 |  |  | 3,463 |
Thereafter |  |  | 12,788 |
Total |  | $ | 31,049 |

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