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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Other Intangible Assets |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets. The following table summarizes the changes in goodwill:
Balance as of January 1, 2024 |  | $ | - |
Goodwill resulting from the Bloomia Acquisition |  |  | 10,122,000 |
Measurement period adjustment |  |  | 50,000 |
Balance as of June 30, 2024 |  | $ | 10,172,000 |
During the three and six months ended June 30, 2024, the Company recorded a measurement period adjustment which increased goodwill by $50,000. This measurement period adjustment resulted from a remeasurement of acquired payroll taxes payable. Other intangible assets and related amortization are as follows at June 30, 2024:
|  | Cross Carrying |  |  | Useful Life |  |  | Accumulated |  |  | Net Carrying |
|  | Amount |  |  | (Years) |  |  | Amortization |  |  | Amount |
Tradename |  | $ | 8,570,000 |  |  | Indefinite |  |  | $ | - |  |  | $ | 8,570,000 |
Customer relationships |  |  | 18,300,000 |  |  |  | 12 |  |  |  | 539,000 |  |  |  | 17,761,000 |
|  | $ | 26,870,000 |  |  |  |  |  |  | $ | 539,000 |  |  | $ | 26,331,000 |
For the three and six months ended June 30, 2024 amortization of intangible assets expensed to operations was $381,000 and $539,000, respectively. The weighted average remaining amortization period for intangible assets as of June 30, 2024 is approximately 11.6 years. Remaining estimated aggregate annual amortization expense is as follows:
|  | June 30, 2024 |
Remainder of 2024 |  | $ | 763,000 |
2025 |  |  | 1,525,000 |
2026 |  |  | 1,525,000 |
2027 |  |  | 1,525,000 |
2028 |  |  | 1,525,000 |
Thereafter |  |  | 10,898,000 |
Total |  | $ | 17,761,000 |

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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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