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

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

NOTE E - INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

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

			December 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		4 years		8,223,402		3,816,133		8,188,315		2,831,088
Developed seed variant technology		23 years		5,679,500		169,633		5,679,500		-
Refinery permits		13 years		1,921,082		403,885		1,921,082		275,813
Total			$	15,913,984	$	4,389,651	$	15,878,897	$	3,106,901

Amortization expense for intangible assets was approximately $1,288,000 and $924,000 for the years ended December 31, 2022 and December 31, 2021, respectively.

The estimated intangible asset amortization expense for 2023 through 2027 and thereafter is as follows:

	Estimated Amortization Expense
2023	$	1,094,402
2024		965,204
2025		864,059
2026		848,773
2027		800,041
Thereafter		6,951,854
Total	$	11,524,333

Goodwill as of December 31, 2022 is shown in the following table:

	December 31, 2022
Balance as of December 31, 2021	$	8,777,440
Adjustments to CCE Acquisition (See Note J)		1,547,459
Foreign currency adjustments		(854,200	)
Balance as of December 31, 2022	$	9,470,699