INTANGIBLE ASSETS

Our amortizable intangible assets primarily consist of customer relationships acquired pursuant to business combinations and represent the value of the business relationship with those customers.

The following table summarizes information relating to our acquired amortizable intangible assets:


	As of June 30, 2026						As of December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Estimated Useful Lives
Customer relationships	$	6,067,029	$	(5,502,721)	$	564,308	$	6,089,374	$	(5,405,190)	$	684,184	1 to 18 years
Trade names	1,010,000		(1,010,000)		—		1,010,000		(1,010,000)		—		4 to 7 years
Other amortizable intangibles	65,179		(48,237)		16,942		64,664		(46,381)		18,283		1 to 15 years
	$	7,142,208	$	(6,560,958)	$	581,250	$	7,164,038	$	(6,461,571)	$	702,467

Amortization expense for the three and six months ended June 30, 2026 aggregated $59,406 and $120,981, respectively, and $72,319 and $146,389 for the three and six months ended June 30, 2025.

The carrying amount of indefinite-lived cable television franchises and goodwill is presented below:


	Indefinite-lived Cable Franchise Rights		Goodwill



Balance as of December 31, 2025	$	11,600,000	$	8,041,217
Impairment charge	(2,700,000)		—


Balance as of June 30, 2026	$	8,900,000	$	8,041,217

Goodwill and the value of indefinite-lived cable franchises acquired in business combinations are not amortized. Rather, such assets are tested for impairment annually as of October 1, or whenever events or changes in circumstances indicate that it is more likely than not that the assets may be impaired. A deterioration in the Company’s operating performance, projected future performance or broader macro-economic conditions could be a triggering event that would require testing and may result in an impairment charge prior to the annual testing date.

During the three months ended March 31, 2026, we updated our annual long-term plan, which reflected a decline in estimated future cash flows. Management concluded that this was a triggering event and a quantitative impairment test of our indefinite-lived cable franchise rights and goodwill was performed as of March 31, 2026.

As a result of our quantitative impairment test, we recorded a non-cash impairment charge of $2,700,000 related to our indefinite-lived cable franchise rights during the three months ended March 31, 2026. These intangible assets represent contractual rights to operate cable systems in specific geographic areas. The decline in the estimated fair value of our indefinite-lived franchise rights was attributable to updated long-term financial projections, that reflected a reduction in estimated future cash flows as a result of increased investment in our fiber network and the sustained competitive environment and macroeconomic conditions. The impairment analysis was conducted using a discounted cash flow methodology, which incorporated updated projections of future cash flows, growth rates, and discount rates consistent with current market assumptions. If we experience a significant shortfall in cash flows from new customers, then we may incur future non-cash impairment charges on our indefinite-lived cable franchise rights. This charge is included in "Restructuring, impairments and other operating items" in the consolidated statement of operations and did not impact our cash flow or liquidity. As the carrying value of our franchise rights represent fair value, any reduction in the fair value of these rights would result in an additional impairment charge. A hypothetical 10% reduction in the fair value of our franchise rights would result in an additional impairment charge of approximately $890,000.

In connection with the quantitative test performed on goodwill during the three months ended March 31, 2026, we concluded the estimated fair value of our Telecommunications reporting unit exceeded its carrying value and no impairment was recorded.