GOODWILL AND INTANGIBLES

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

10.

GOODWILL AND INTANGIBLES

At September 30, 2022 and December 31, 2021, goodwill consists of approximately $12.5 million and $14.5 million, respectively, resulting from the excess of the consideration paid over the fair value of net tangible and intangible assets acquired from the Func Food acquisition.

Intangible assets consist of acquired customer relationships and brands from the Func Food acquisition. The gross carrying amount and accumulated amortization of intangible assets as of September 30, 2022 and December 31, 2021, respectively, were as follows:


	September 30, 2022			December 31, 2021

Definite-lived intangible assets
Customer relationships	$	12,263		$	14,248
Less: accumulated amortization		(1,349	)		(1,140	)
Definite-lived intangible assets, net	$	10,914		$	13,108

Indefinite-lived intangible assets
Brands	$	2,984		$	3,193
Less: impairment		(2,576	)		—
Indefinite-lived intangible assets, net	$	408		$	3,193
Total Intangibles	$	11,322		$	16,301

Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for the three months ended September 30, 2022 and 2021 was approximately $0.1 million. Amortization expense for the nine months ended September 30, 2022 and 2021 was approximately $0.4 million and $0.4 million, respectively. Amortization expense is reflected in general and administrative expenses. See note 2. Basis of Presentation and Summary of Significant Accounting Policies, for more information regarding our indefinite-lived intangible asset, Brands.

Other fluctuations in the amounts of goodwill and intangible assets are due to currency translation adjustments.

The following is the future estimated annualized amortization expense related to customer relationships:


As of September 30, 2022:
2022	$	123
2023		491
2024		491
2025		491
2026		491
Thereafter		8,827
Total	$	10,914