Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.1
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
NOTE D - INTANGIBLE ASSETS 

Intangible Assets

 
The intangible assets as of December 31,
 
2021 and December 31,
 
2020
are
 shown in the following table:

 
 
 
 
 
December 31, 2021
 
 
December 31, 2020
 
 
 
Remaining
Weighted
Average Useful
Life
 
 
Gross Carrying
Amount
 
 
Accumulated
Amortization
 
 
Gross Carrying
Amount
 
 
Accumulated
Amortization
 
Indefinite Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade name
 
 
-
 
 
$
90,000
 
 
$
-
 
 
$
-
 
 
$
-
 
Definite Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patent licenses
 
 
5 years
 
 
 
8,188,315
 
 
 
2,831,088
 
 
 
4,442,553
 
 
 
2,092,160
 
Developed seed variant technology
 
 
24 years
 
 
 
5,679,500
 
 
 
-
 
 
 
-
 
 
 
-
 
Refinery permits
 
 
13 years
 
 
 
1,921,082
 
 
 
275,813
 
 
 
1,921,082
 
 
 
90,729
 
Total
 
 
 
 
 
$
15,878,897
 
 
$
3,106,901
 
 
$
6,363,635
 
 
$
2,182,889
 

Amortization expenses for intangible assets were approximately $924,000 and $251,000 for the years ended December 31, 2021 and December 31, 2020, respectively.

The estimated intangible asset amortization expense for 2022 through 202
6
and thereafter is as follows:
 

 
 
Estimated Amortization
Expense
 
2022
 
$
1,351,533
 
2023
 
 
1,094,402
 
2024
 
 
965,204
 
2025
 
 
864,059
 
2026
 
 
848,773
 
Thereafter
 
 
7,648,025
 
Total
 
$
12,771,996