Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 60

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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21,100 — 21,100 Total intangible assets$349,668 $(162,483)$187,185 $334,912 $(136,667)$198,245 Amortization expense was $8,446 and $10,191 during the three months ended September 30, 2024 and 2023, respectively, and $26,665 and $30,478 during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, estimated future amortization expense was $8,677, $31,672, $28,922, $26,694, and $23,188 for the years ended December 31, 2024 (remaining three months), 2025, 2026, 2027 and 2028, respectively. The estimated future amortization expense after December 31, 2028 was $47,932.The Company performs impairment tests for goodwill as of December 31 of each year and between annual impairment tests if an event occurs or circumstances change that would more likely than not reduce the fair values of the Company’s reporting units below their carrying values. As a result of the current financial performance of the Company’s Targus subsidiary which is included in the Consumer Products segment as well as current market conditions that continued to exist in the personal computer market for computers and accessories, the Company updated its long-term forecasts. The Company performed an interim goodwill impairment quantitative assessment as of June 30, 2024, and based on the results of the analysis, the Company recorded a non-cash impairment charge of $27,681 consisting of a goodwill impairment charge of $26,681 and a tradename impairment charge of $1,000, which was recorded in impairment of goodwill and tradenames in the accompanying condensed consolidated statements of operations during the nine months ended September 30, 2024. 

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Goodwill and tradename of the Company’s Targus subsidiary was remeasured at fair value on a nonrecurring basis as of June 30, 2024 which resulted in the fair value of goodwill being reduced to zero and the estimated fair value of tradename was $18,500 as of June 30, 2024. The estimated fair value of the Company’s Targus reporting unit was calculated using a weighted-average of values determined from an income approach and a market approach. The income approach involves estimating the fair value of the reporting unit by discount