Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

 

5. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill is attributable to the acquisition of our pharma services in July 2019. The carrying value of the intangible assets acquired was $15.6 million, with goodwill of approximately $8.3 million and identifiable intangible assets of approximately $7.3 million. In 2019, there was an adjustment to goodwill of $0.1 million. The goodwill balance at September 30, 2021 was $8.4 million. The net carrying value of the identifiable intangible assets from all acquisitions as of September 30, 2021 and December 31, 2020 are as follows:

 SCHEDULE OF IDENTIFIABLE INTANGIBLE ASSETS CARRYING VALUE

          As of
September 30,
2021
    As of
December 31,
2020
 
    Life     Carrying     Carrying  
    (Years)     Amount     Amount  
          (unaudited)        
Asuragen acquisition:                        
Thyroid     9     $ 8,519     $ 8,519  
RedPath acquisition:                        
Pancreas test     7       16,141       16,141  
Barrett’s test     9       6,682       6,682  
BioPharma acquisition:                        
Trademarks     10       1,600       1,600  
Customer relationships     8       5,700       5,700  
                         
CLIA Lab     2.3       609       609  
                         
Total           $ 39,251     $ 39,251  
                         
Accumulated Amortization           $ (31,237 )   $ (27,900 )
                         
Net Carrying Value           $ 8,014     $ 11,351  

 

Amortization expense was approximately $1.1 million for both the three-month periods ended September 30, 2021 and 2020, respectively and approximately $3.3 million for both the nine-month periods ended September 30, 2021 and 2020, respectively. Estimated amortization expense for the next five years is as follows:

 

SCHEDULE OF FUTURE ESTIMATED AMORTIZATION EXPENSE 

2021     2022     2023     2024     2025  
$ 1,112     $ 2,155     $ 2,099     $ 873     $ 873  

 

 

The following table displays a roll forward of the carrying amount of goodwill from December 31, 2020 to September 30, 2021:

 

SCHEDULE OF GOODWILL CARRYING VALUE 

    Carrying  
    Amount  
Balance as of December 31, 2020   $ 8,433  
Adjustments     -  
Balance as of September 30, 2021   $ 8,433