Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

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Intangible Assets and Goodwill
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible Assets
The Company’s amortizable intangible assets consisted of the following (in thousands):
September 30, 2020
Customer Relationships Developed Technology Trademarks / Trade Names Total
Original cost $ 4,834  $ 8,054  $ 2,181  $ 15,069 
Accumulated amortization (3,654) (7,883) (1,191) (12,728)
Intangibles assets, net $ 1,180  $ 171  $ 990  $ 2,341 
December 31, 2019
Customer Relationships Developed Technology Trademarks / Trade Names Total
Original cost $ 4,878  $ 8,135  $ 2,182  $ 15,195 
Accumulated amortization (3,293) (7,741) (1,086) (12,120)
Intangibles assets, net $ 1,585  $ 394  $ 1,096  $ 3,075 
Changes to the carrying amount of net amortizable intangible assets consisted of the following (in thousands):
Nine Months Ended
 September 30, 2020
Balance, beginning of period $ 3,075 
Amortization expense (704)
Currency translation (30)
Balance, end of period $ 2,341 
Amortization expense of intangible assets consisted of the following (in thousands):
  Three Months Ended
 September 30,
Nine Months Ended
 September 30,
  2020 2019 2020 2019
Amortization expense associated with the developed technology included in cost of revenues $ 72  $ 109  $ 212  $ 340 
Amortization expense associated with other acquired intangible assets included in operating expenses 165  168  492  587 
Total amortization expense $ 237  $ 277  $ 704  $ 927 
Goodwill
On October 3, 2014, the Company completed the acquisition of Kulu Valley, Ltd., subsequently renamed Qumu Ltd., and recognized $8.8 million of goodwill and $6.7 million of intangible assets. The goodwill balance of $7.0 million at September 30, 2020 reflects the impact of foreign currency exchange rate fluctuations since the acquisition date.
As of September 30, 2020, the Company’s market capitalization, without a control premium, was greater than its book value and, as a result, the Company concluded there was no goodwill impairment. Sustained declines in the Company’s market capitalization or a downturn in its future financial performance and/or future outlook could require the Company to record goodwill and other impairment charges. While a goodwill impairment charge is a non-cash charge, it would have a negative impact on the Company's results of operations.