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Note 10 - Identified Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | 10. IDENTIFIED INTANGIBLE ASSETS A schedule of identified intangible assets is as follows:
|  | Gross |  |  | Accumulated |  |  | Carrying |
($ in thousands) |  | Amount |  |  | Amortization |  |  | Amount |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  |  |  |  |  |  |  |  |  |  |
Wholesale (1) |  | $ | 69,439 |  |  |  | - |  |  | $ | 69,439 |
Retail |  |  | 9,220 |  |  |  | - |  |  |  | 9,220 |
Patents |  |  | 895 |  |  | $ | 841 |  |  |  | 54 |
Customer relationships (2) |  |  | 41,659 |  |  |  | 7,051 |  |  |  | 34,608 |
Total Intangibles |  | $ | 121,213 |  |  | $ | 7,892 |  |  | $ | 113,321 |
(1) Servus trademarks were reduced from approximately $2.5 million to zero at March 30, 2023 as a result of the sale of the Servus brand (see Note 4). (2) Customer relationships relating to the Servus brand of approximately $4.3 million and related amortization of approximately $0.6 million was reduced to zero at March 30, 2023 as a result of the sale of the Servus brand (see Note 4).
|  | Gross |  |  | Accumulated |  |  | Carrying |
($ in thousands) |  | Amount |  |  | Amortization |  |  | Amount |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  |  |  |  |  |  |  |  |  |  |
Wholesale (1) |  | $ | 71,979 |  |  |  | - |  |  | $ | 71,979 |
Retail |  |  | 9,220 |  |  |  | - |  |  |  | 9,220 |
Patents |  |  | 895 |  |  | $ | 826 |  |  |  | 69 |
Customer relationships (2) |  |  | 46,006 |  |  |  | 5,492 |  |  |  | 40,514 |
Total Intangibles |  | $ | 128,100 |  |  | $ | 6,318 |  |  | $ | 121,782 |
(1) NEOS trademarks were reduced from approximately $0.6 million to zero at September 30, 2022 as a result of the sale of the NEOS brand (see Note 5) (2) Customer relationships relating to the NEOS brand of approximately $0.9 million and related amortization of approximately $0.1 million was reduced to zero at September 30, 2022 as a result of the sale of the NEOS brand (see Note 5).
|  | Gross |  |  | Accumulated |  |  | Carrying |
($ in thousands) |  | Amount |  |  | Amortization |  |  | Amount |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  |  |  |  |  |  |  |  |  |  |  |
Wholesale |  | $ | 71,981 |  |  |  | - |  |  | $ | 71,981 |
Retail |  |  | 9,220 |  |  |  | - |  |  |  | 9,220 |
Patents |  |  | 895 |  |  | $ | 821 |  |  |  | 74 |
Customer relationships |  |  | 46,006 |  |  |  | 4,729 |  |  |  | 41,277 |
Total Intangibles |  | $ | 128,102 |  |  | $ | 5,550 |  |  | $ | 122,552 |
(1) NEOS trademarks were reduced from approximately $0.6 million to zero at September 30, 2022 as a result of the sale of the NEOS brand (see Note 5). (2) Customer relationships relating to the NEOS brand of approximately $0.9 million and related amortization of approximately $0.1 million was reduced to zero at September 30, 2022 as a result of the sale of the NEOS brand (see Note 5). The weighted average life for our patents is 6.7 years. A schedule of approximate amortization expense related to finite-lived intangible assets for the three and nine months ended September 30, 2023 and 2022 is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
($ in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Amortization expense |  | $ | 697 |  |  | $ | 788 |  |  | $ | 2,175 |  |  | $ | 2,362 |
A schedule of approximate expected remaining amortization expense related to finite-lived intangible assets for the years ending December 31 is as follows:
|  | Amortization |
($ in thousands) |  | Expense |
2023 |  | $ | 697 |
2024 |  |  | 2,785 |
2025 |  |  | 2,781 |
2026 |  |  | 2,778 |
2027 |  |  | 2,776 |
2028 |  |  | 2,771 |
2029+ |  |  | 20,074 |

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