Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Allowance for Credit Loss
The opening and closing balances of our accounts receivables from continuing operations are as follows (in thousands):
(in thousands)
January 1, 2022
 December 31, 2022 December 31, 2023
Accounts receivables, net $ 33,417  $ 33,202  $ 26,604 
Activity in the allowance for credit losses from continuing operations were as follows:
(in thousands) 2023 2022
Balance at beginning of period $ 643  $ 164 
Current period provision for expected credit losses 953  820 
Deductions from allowance (1,133) (341)
Balance at end of period $ 463  $ 643 
Schedule of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:
(in thousands) Specialty Chemicals
Balance December 31, 2021 $ 12,637 
Purchase Price Allocation Revision (1,248)
Balance December 31, 2022 11,389 
Goodwill Impairment (11,389)
Balance December 31, 2023 $ — 
Schedule of Finite-Lived Intangible Assets
The gross carrying amount and accumulated amortization of intangible assets from continuing operations consist of the following:
2023 2022
(in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization
Definite-lived intangible assets:
Customer related $ 14,604  $ (6,685) $ 14,604  $ (5,201)
Trademarks and trade names 150  (17) 150  (12)
Other 500  (56) 500  (40)
Total definite-lived intangible assets $ 15,254  $ (6,758) $ 15,254  $ (5,253)
Schedule of Amortization Expense for Finite-lived Intangible Assets
Estimated amortization expense for the next five fiscal years based on existing intangible assets is as follows:
(in thousands)
2024 $ 1,487 
2025 1,324 
2026 1,102 
2027 930 
2028 786 
Thereafter 2,867 
Total $ 8,496