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Goodwill and Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2020
Goodwill And Intangible Assets Net |
Goodwill and Intangible Assets, Net | 10. Goodwill and Intangible Assets, Net Goodwill As of December 31, 2020 and 2019, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of WPS. The goodwill from the acquisition consisted of WPS providing a new customer base of institutional clients, several strategic clearing relationships, as well as substantial cross-selling opportunities for the institutional and retail clients. The addition of WPS brings economies of scale in terms of operational and administrative functions as well as a skilled management team within the institutional space to Siebert. See “Note 3 – Acquisitions” for more detail on the acquisition of WPS. Intangible Assets, Net As a result of the Company’s acquisition of WPS, the Company acquired intangible assets consisting of WPS customer relationships and trade name, the fair values of which were $987,000 and $70,000, respectively, as of the acquisition date. The Company recorded intangible assets which are subject to amortization over their estimated useful lives. The intangible assets are deductible for tax purposes. Pursuant to the Company’s agreement with the original owners of WPS, the Company agreed to discontinue using the name of Weeden Prime Services, LLC and filed to change it to WPS Prime Services, LLC in May 2020. As of December 31, 2020, the WPS trade name was fully amortized. The following tables summarize information related to the intangible assets as of the dates indicated.
| Date Acquired | Original Useful Life |  | Remaining Useful Life As of December 31, 2020 |
WPS Customer Relationships | 11/30/19 | 6.0 years |  | 4.9 years |
WPS Trade Name | 11/30/19 | 0.5 years |  |  | — |
|  | Purchase Price |  |  | 2019 Amortization |  |  | Balance as of December 31, 2019 |  |  | 2020 Amortization |  |  | Balance as of December 31, 2020 |
WPS Customer Relationships |  | $ | 987,000 |  |  | $ | 23,000 |  |  | $ | 964,000 |  |  | $ | 155,000 |  |  | $ | 809,000 |
WPS Trade Name |  |  | 70,000 |  |  |  | 12,000 |  |  |  | 58,000 |  |  |  | 58,000 |  |  |  | — |
Total Intangible assets |  | $ | 1,057,000 |  |  | $ | 35,000 |  |  | $ | 1,022,000 |  |  | $ | 213,000 |  |  | $ | 809,000 |
The weighted average remaining useful life for the above intangible assets as of December 31, 2020 was 4.9 years. The Company expects its aggregate annual amortization expense for existing amortizable intangible assets for the below periods to be as follows:
|  | Amount |
2021 |  | $ | 165,000 |
2022 |  |  | 165,000 |
2023 |  |  | 165,000 |
2024 |  |  | 165,000 |
2025 |  |  | 149,000 |
Total future amortization expense |  | $ | 809,000 |
Impairment For the years ended December 31, 2020 and 2019, management concluded that there have been no impairments to the carrying value of the Company’s goodwill and other tangible and intangible assets.

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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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