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Note 11 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 11 – Goodwill and Intangible Assets Annual Impairment Test During the third quarter of 2024, we completed our annual review of goodwill for potential impairment using a quantitative assessment for all of our reporting units. The fair value of each reporting unit was estimated using a weighting of a discounted cash flow model and prices of comparable businesses. As a result of this review, we concluded that the carrying value of our MRI reporting unit exceeded its estimated fair value resulting in an impairment charge of approximately $4.8 million. The goodwill impairment was primarily attributable to industry and market conditions effecting the overall financial performance of the reporting unit. These industry and market conditions were deemed a triggering event that led us to also review the fair value of certain indefinite-lived intangible assets related to the MRI reporting unit. As a result of this review we concluded the carrying value of the trade name related to MRI exceeded its estimated fair value resulting in an impairment charge of approximately $1.2 million. The related impairment was primarily attributable to industry and market conditions effecting the overall financial performance of the reporting unit. The balance for the trade name related to MRI was approximately $940 thousand and $2.2 million at December 31, 2024 and December 31, 2023, respectively. The combined impairment charge of approximately $6.0 million is reflected in the line item, "Goodwill and intangible asset impairment charge," in our Consolidated Statements of Income for the twelve months ended December 31, 2024. The table below reflects our goodwill and changes in the carrying value (in thousands):
Goodwill balance at December 31, 2023 |  | $ | 5,870 |
Goodwill recorded in acquisition of RTS |  |  | 558 |
Impairment charge during 2024 |  |  | (4,795 | )
Goodwill balance at December 31, 2024 |  | $ | 1,633 |
Goodwill before impairment |  | $ | 6,428 |
Accumulated impairment charge |  |  | (4,795 | )
Goodwill balance at December 31, 2024 |  | $ | 1,633 |
Intangible Assets The following table reflects our intangible assets:
|  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
(in thousands except useful life) |  | Estimated useful life |  |  |  | Gross |  |  |  | Accumulated amortization and impairment |  |  |  | Net |  |  |  | Gross |  |  |  | Accumulated amortization |  |  |  | Net |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise agreements |  | 15 years |  |  | $ | 25,556 |  |  | $ | (5,819 | ) |  | $ | 19,737 |  |  | $ | 25,556 |  |  | $ | (4,116 | ) |  | $ | 21,440 |
Purchased software |  | 7 years |  |  |  | 3,200 |  |  |  | (1,486 | ) |  | $ | 1,714 |  |  |  | 3,200 |  |  |  | (1,029 | ) |  |  | 2,171 |
Internally developed software |  | 5 years |  |  |  | 3,125 |  |  |  | (963 | ) |  | $ | 2,162 |  |  |  | 2,683 |  |  |  | (498 | ) |  |  | 2,185 |
Total finite-lived intangible assets |  |  |  |  |  | $ | 31,881 |  |  | $ | (8,268 | ) |  | $ | 23,613 |  |  | $ | 31,439 |  |  | $ | (5,643 | ) |  | $ | 25,796 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domain name |  | Indefinite |  |  | $ | 2,226 |  |  | $ | - |  |  | $ | 2,226 |  |  | $ | 2,226 |  |  | $ | - |  |  | $ | 2,226 |
Trade name |  | Indefinite |  |  |  | 3,580 |  |  |  | (1,240 | ) |  | $ | 2,340 |  |  |  | 3,580 |  |  |  | - |  |  |  | 3,580 |
Total intangible assets |  |  |  |  |  | $ | 37,687 |  |  | $ | (9,508 | ) |  | $ | 28,179 |  |  | $ | 37,245 |  |  | $ | (5,643 | ) |  | $ | 31,602 |
Amortization expense related to intangible assets totaled approximately $2.6 million during the years ended December 31, 2024 and December 31, 2023. The following table provides the estimated future amortization of finite-lived intangible assets as of December 31, 2024 (in thousands):
2025 |  | $ | 2,786 |
2026 |  |  | 2,786 |
2027 |  |  | 2,747 |
2028 |  |  | 2,207 |
2029 |  |  | 1,864 |
Thereafter |  |  | 11,223 |
Total future amortization |  | $ | 23,613 |

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