Company: ACCS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000843006-25-000012
Chunk: 343

Company: ACCESS Newswire Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 15
Chunk 343
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Trademarks – definite-lived  13,350   (3,972 )  9,378 Trademarks – indefinite-lived  232   —   232 Total intangible assets $19,000  $(7,024 ) $11,976 

 F-18Table of Contents

  December 31, 2023   Gross CarryingAmount  AccumulatedAmortization  Net CarryingAmount Customer relationships  1,998   (1,158 )  840 Proprietary software  3,198   (1,015 )  2,183 Distribution partner relationships  153   (84 )  69 Non-compete agreement  69   (69 )  — Trademarks – definite-lived  27,500   (2,139 )  25,361 Trademarks – indefinite-lived  232   —   232 Total intangible assets $33,150  $(4,465 ) $28,685  The Company performed its annual assessment for impairment of intangible assets and determined an impairment charge of $14,150,000 associated with the Newswire trademarks was necessary for the year ended December 31, 2024. As a result of the Company’s rebranding to ACCESS Newswire, management determined the useful life of the Newswire trademarks to be 5 years as opposed to the original 15 years upon the initial valuation in 2022. This decrease caused a decrease in the expected cashflows the assets will generate, which resulted in the impairment charge. There was no impairment loss recorded as of and for the year ended December 31, 2023. The amortization of intangible assets is a charge to operating expenses and totaled $2,559,000 in the years ended 2024 and 2023, respectively. The future amortization of the identifiable intangible assets is as follows (in 000’s): Years Ending December 31:   2025 $2,502 2026  2,475 2027  2,347 2028  2,243 2029  2,177 Thereafter  — Total $11,744  During the year ended December 31, 2022, we acquired Newswire, which added $16,122,000 of goodwill