Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL (Tables)

v3.23.1
INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Schedule of patent license assets
Intangible assets as of March 31, 2023 and December 31, 2022 are shown in the following table:
 
 
 
 
 
 
March 31, 2023
 
 
December 31, 2022
 
 
 
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
 
 
4 years
 
 
 
8,240,371
 
 
 
3,998,112
 
 
 
8,223,402
 
 
 
3,816,133
 
Developed seed variant technology
 
 
23 years
 
 
 
5,679,500
 
 
 
291,779
 
 
 
5,679,500
 
 
 
169,633
 
Refinery permits
 
 
13 years
 
 
 
1,921,082
 
 
 
435,903
 
 
 
1,921,082
 
 
 
403,885
 
Total
 
 
 
 
 
$
15,930,953
 
 
$
4,725,794
 
 
$
15,913,984
 
 
$
4,389,651
 
Schedule of estimated amortization expense
The estimated intangible asset amortization expense for 2023 through 2027 and thereafter is as follows:
 
 
 
Estimated Amortization Expense
 
March 31, 2023 through December 31, 2023
 
$
756,029
 
2024
 
 
965,204
 
2025
 
 
864,059
 
2026
 
 
848,773
 
2027
 
 
800,041
 
Thereafter
 
 
6,971,053
 
Total
 
$
11,205,159
 
Schedule of Goodwill
Goodwill as of March 31, 2023 is shown in the following table:
 
 
 
March 31, 2023
 
Balance as of December 31, 2022
 
$
9,470,699
 
Foreign currency adjustments
 
 
599,970
 
Balance as of March 31, 2023
 
$
10,070,669