Global Clean Energy Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

NOTE E - INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Intangible assets as of June 30, 2022 and December 31, 2021 are shown in the following table:

			June 30, 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		8,212,587		3,323,611		8,188,315		2,831,088
Developed seed variant technology		24 years		5,679,500		119,534		5,679,500		-
Refinery permits		13 years		1,921,082		339,849		1,921,082		275,813
Total			$	15,903,169	$	3,782,994	$	15,878,897	$	3,106,901

Amortization expense for intangible assets were approximately $338,000 and $110,000 for the three months ended June 30, 2022 and June 30, 2021, respectively. Amortization expense for intangible assets were approximately $676,000 and $305,000 for the six months ended June 30, 2022 and June 30, 2021, respectively.

The estimated intangible asset amortization expense for 2022 through 2026 and thereafter is as follows:

	Estimated Amortization Expense
June 30, 2022 through December 31, 2022	$	676,746
2023		1,094,402
2024		965,204
2025		864,059
2026		848,773
Thereafter		7,670,991
Total	$	12,120,175

Goodwill as of June 30, 2022 is shown in the following table:

	June 30, 2022
Balance as of December 31, 2021	$	8,777,440
Adjustments to CCE Acquisition (See Note J)		1,623,456
Balance as of June 30, 2022	$	10,400,896