Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

 

The carrying amount of goodwill and intangible assets, resulted from the valuation related to the acquisitions of RMG and Symon and the application of Financial Accounting Standards Board Standard Codification 805, “Business Combinations”. As a result, the basis of the net assets and liabilities of RMG and Symon were adjusted to reflect their fair values and the appropriate amount of goodwill was recorded for the consideration given in excess of the fair values assigned to the net identifiable assets. The carrying value of goodwill and certain intangible assets has subsequently been reduced in 2014 due to impairment charges of $29,259 and $22,186, for RMG and Symon, respectively.

 

There was no remaining carrying value of goodwill at December 31, 2015 and 2014. The carrying value of goodwill for the Enterprise and Media units was written off in 2014 in connection with the impairment charges discussed in Note 1.

 

The following table shows the carrying amount of goodwill:

 

         
    Years Ended December 31,
    2015   2014
Balance – beginning $ - $ 28,642
Purchase price accounting adjustment   -   617
Impairment charge   -   (29,259)
Balance – ending $ - $ -

 

The carrying value of the Company’s intangible assets at December 31, 2015 were as follows:

 

                   
 

Weighted Average Amortization Period

(Years)

   Gross Carrying Amount   Accumulated Amortization   Charge for Impairments   Net Carrying Amount
Software and technology 3 $ 4,108 $ (1,027) $ - $ 3,081
Customer relationships 5   7,089   (1,182)   -   5,907
Customer order backlog 0   322   (322)   -   -
Total   $ 11,519 $ (2,531) $ - $ 8,988

 

The carrying values of the Company’s intangible assets at December 31, 2014, were as follows:

 

                   
 

Weighted Average Amortization Period

(Years)

   Gross Carrying Amount   Accumulated Amortization   Charge for Impairments   Net Carrying Amount
Software and technology 4 $ 9,200 $ (3,048) $ (2,044) $ 4,108
Customer relationships 6   22,200   (4,408)   (10,703)   7,089
Partner relationships 10   8,800   (1,202)   (7,598)   -
Tradenames and trademarks 10   1,700   (246)   (1,454)   -
Covenant not-to-compete 2   1,150   (763)   (387)   -
Customer order backlog 1   722   (400)       322
Total   $ 43,772 $ (10,067) $ (22,186) $ 11,519

 

Amortization expense for the year ended December 31, 2015 and 2014 was $2,531 and $5,398, respectively. 

 

Future amortization expense for these assets for the five years ending December 31 and thereafter is as follows:

 

     
2016 $ 2,209
2017   2,209
2018   2,209
2019   1,181
2020   1,180
Thereafter   0
Total $ 8,988