Phunware, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

Goodwill

Changes in the Company’s goodwill balance for the years ended December 31, 2018 and 2017, are summarized in the table below.

	2018			2017
Balance as at beginning of period	$	25,886		$	25,786
Foreign currency translation		(65	)		100
Balance at end of period	$	25,821		$	25,886

Intangible Assets

The Company’s intangible assets, excluding goodwill, consist of intangible assets acquired in business combinations and were recorded at their estimated fair values on the date of acquisition. The finite-lived intangible assets that are being amortized are summarized in the table below.

	Weighted Average Useful Life (years)		December 31, 2018							December 31, 2017
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Trade name		4.6	$	648	$	(648	)	$	-	$	650	$	(650	)	$	-
Acquired technology		5.1		4,828		(4,763	)		65		4,828		(4,714	)		114
In-process research and development		5.0		94		(94	)		-		94		(85	)		9
Customer relationships		5.7		4,576		(4,120	)		456		4,626		(3,848	)		778
Order backlog		1.5		329		(329	)		-		329		(329	)		-
			$	10,475	$	(9,954	)	$	521	$	10,527	$	(9,626	)	$	901

Amortization expense for the years ended December 31, 2018 and 2017, was approximately $372 and $1,284 respectively.

Expected future annual amortization expense for finite-lived intangible assets as of December 31, 2018, is as follows:

Year	Amortization
2019		269
2020		141
2021		90
2022		21
	$	521