NOTE 6. INTANGIBLE ASSETS AND GOODWILL

The fair value of identifiable intangible assets consisted of the following at June 30, 2018:

The Company performs its annual goodwill impairment assessment at the end of the first quarter each year. As a result of the Company’s annual assessment, the Company determined that the fair value of the indefinite-lived intangible asset was substantially in excess of its carrying values and no impairment had occurred. The Company continues to believe that goodwill and the indefinite-lived intangible asset are recoverable; however, significant adverse changes in the projected revenues and cash flows of the Company could result in an impairment of goodwill or the indefinite-lived intangible asset. There can be no assurances that goodwill or the indefinite-lived intangible asset may not be impaired in future periods.

Amortization expense for the three months ended June 30, 2018 and 2017, totaled $2,253 and $2,310, respectively, and for the six months ended June 30, 2018 and 2017, totaled $4,506 and $2,310, respectively. For the three and six months ended June 30, 2018, amortization expense of $938 and $1,876, respectively, was charged to operating expenses and $1,315 and $2,630, respectively, was charged to cost of revenues. For the three months ended June 30, 2017, amortization expense of $590, was charged to operating expenses and $1,720, was charged to cost of revenues. No amortization expense was recorded prior to April 20, 2017, the acquisition date of Benchmark.