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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets | Note 5: Goodwill and Other Intangible Assets The components of intangible assets are as follows (in 000’s):
|  | December 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  |  | 1,998 |  |  |  | (1,426 | ) |  |  | 572 |
Proprietary software |  |  | 3,198 |  |  |  | (1,458 | ) |  |  | 1,740 |
Distribution partner relationships |  |  | 153 |  |  |  | (99 | ) |  |  | 54 |
Non-compete agreement |  |  | 69 |  |  |  | (69 | ) |  |  | — |
Trademarks – definite-lived |  |  | 13,350 |  |  |  | (3,972 | ) |  |  | 9,378 |
Trademarks – indefinite-lived |  |  | 232 |  |  |  | — |  |  |  | 232 |
Total intangible assets |  | $ | 19,000 |  |  | $ | (7,024 | ) |  | $ | 11,976 |
|  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer relationships |  |  | 1,998 |  |  |  | (1,158 | ) |  |  | 840 |
Proprietary software |  |  | 3,198 |  |  |  | (1,015 | ) |  |  | 2,183 |
Distribution partner relationships |  |  | 153 |  |  |  | (84 | ) |  |  | 69 |
Non-compete agreement |  |  | 69 |  |  |  | (69 | ) |  |  | — |
Trademarks – definite-lived |  |  | 27,500 |  |  |  | (2,139 | ) |  |  | 25,361 |
Trademarks – indefinite-lived |  |  | 232 |  |  |  | — |  |  |  | 232 |
Total intangible assets |  | $ | 33,150 |  |  | $ | (4,465 | ) |  | $ | 28,685 |
The Company performed its annual assessment for impairment of intangible assets and determined an impairment charge of $14,150,000 associated with the Newswire trademarks was necessary for the year ended December 31, 2024. As a result of the Company’s rebranding to ACCESS Newswire, management determined the useful life of the Newswire trademarks to be 5 years as opposed to the original 15 years upon the initial valuation in 2022. This decrease caused a decrease in the expected cashflows the assets will generate, which resulted in the impairment charge. There was no impairment loss recorded as of and for the year ended December 31, 2023. The amortization of intangible assets is a charge to operating expenses and totaled $2,559,000 in the years ended 2024 and 2023, respectively. The future amortization of the identifiable intangible assets is as follows (in 000’s):
Years Ending December 31: |  |  |
2025 |  | $ | 2,502 |
2026 |  |  | 2,475 |
2027 |  |  | 2,347 |
2028 |  |  | 2,243 |
2029 |  |  | 2,177 |
Thereafter |  |  | — |
Total |  | $ | 11,744 |
During the year ended December 31, 2022, we acquired Newswire, which added $16,122,000 of goodwill based on our preliminary purchase price allocation. During the year ending December 31, 2023, we concluded our purchase price allocation, which resulted in a reduction in goodwill of $571,000. Along with Newswire, the goodwill balance of $19,043,000 is related to the stock acquisitions of ACCESSWIRE in 2014 and Filing Services Canada, Inc. in 2018 and the assets of the Visual Webcasting Platform in 2019. The Company conducted its annual impairment analyses as of December 31, 2024 and 2023 and determined that no goodwill was impaired.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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