Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL (Tables)

v3.22.2.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Schedule of patent license assets
 

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


 
 
 
 
 
September 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
 
 
4 years
 
 
 
8,213,355
 
 
 
3,569,872
 
 
 
8,188,315
 
 
 
2,831,088
 
Developed seed variant technology
 
 
23 years
 
 
 
5,679,500
 
 
 
166,293
 
 
 
5,679,500
 
 
 
-
 
Refinery permits
 
 
13 years
 
 
 
1,921,082
 
 
 
371,867
 
 
 
1,921,082
 
 
 
275,813
 
Total
 
 
 
 
 
$
15,903,937
 
 
$
4,108,032
 
 
$
15,878,897
 
 
$
3,106,901
 
Schedule of estimated amortization expense
The estimated intangible asset amortization expense for 2022 through 2026 and thereafter is as follows:
 
 
 
Estimated Amortization Expense
 
September 30, 2022 through December 31, 2022
 
$
338,373
 
2023
 
 
1,094,402
 
2024
 
 
965,204
 
2025
 
 
864,059
 
2026
 
 
848,773
 
Thereafter
 
 
7,685,094
 
Total
 
$
11,795,905
 
Schedule of Goodwill
Goodwill as of September 30, 2022 is shown in the following table:


 
 
September 30, 2022
 
Balance as of December 31, 2021
 
$
8,777,440
 
Adjustments to CCE Acquisition (See Note J)
 
 
1,547,459
 
Foreign currency adjustments
 
 
(254,124
)
Balance as of September 30, 2022
 
$
10,070,775