Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

v3.22.1
INTANGIBLE ASSETS AND GOODWILL
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL
NOTE
E
 - INTANGIBLE ASSETS AND GOODWILL
 
Intangible Assets
 
Intangible assets as of March 31, 2022 and December 31, 2021 are shown in the following table:
 
 
 
 
 
 
March 31, 2022
 
 
December 31, 2021
 
 
 
Remaining Weighted
Average Useful Life
 
 
Gross Carrying
Amount
 
 
Accumulated
Amortization
 
 
Gross Carrying
Amount
 
 
Accumulated
Amortization
 
Indefinite Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade name
 
 
-
 
 
$
90,000
 
 
$
-
 
 
$
90,000
 
 
$
-
 
Definite Lived Intangible Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patent licenses
 
 
5 years
 
 
 
8,199,651
 
 
 
3,077,349
 
 
 
8,188,315
 
 
 
2,831,088
 
Developed seed variant technology
 
 
24 years
 
 
 
5,679,500
 
 
 
60,094
 
 
 
5,679,500
 
 
 
-
 
Refinery permits
 
 
13 years
 
 
 
1,921,082
 
 
 
307,831
 
 
 
1,921,082
 
 
 
275,813
 
Total
 
 
 
 
 
$
15,890,233
 
 
$
3,445,274
 
 
$
15,878,897
 
 
$
3,106,901
 
 
Amortization expense for intangible assets were approximately $338,000 and $89,000 for the
 three
months ended March 31, 2022 and March 31, 2021, respectively.
 
The estimated intangible asset amortization expense for 2022 through 2026 and thereafter is as follows:
 
 
 
Estimated
Amortization Expense
 
April 1, 2022 through December 31, 2022
 
$
946,892
 
2023
 
 
1,094,402
 
2024
 
 
965,204
 
2025
 
 
864,059
 
2026
 
 
848,773
 
Thereafter
 
 
7,725,629
 
Total
 
$
12,444,959
 
Goodwill as of March 31, 2022 is shown in the following table:
 
 
 
March 31, 2022
 
Balance as of December 31, 2021
 
$
8,777,440
 
Adjustments to CCE Acquisition
 
 
1,547,459
 
Balance as of March 31, 2022
 
$
10,324,899