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GOODWILL AND INTANGIBLES | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES | 10. GOODWILL AND INTANGIBLES At March 31, 2023 and December 31, 2022, goodwill consists of approximately $13.9 million and $13.7 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 March 31, 2023 and December 31, 2022, respectively, were as follows:
|  | March 31, 2023 |  |  | December 31, 2022 |
Definite-lived intangible assets |  |  |  |  |  |
Customer relationships |  | $ | 13,683 |  |  | $ | 13,418 |
Less: accumulated amortization |  |  | (1,779 | ) |  |  | (1,610 | )
Definite-lived intangible assets, net |  | $ | 11,904 |  |  | $ | 11,808 |
Indefinite-lived intangible assets |  |  |  |  |  |
Brands |  | $ | 2,984 |  |  | $ | 2,984 |
Less: Impairment |  |  | (2,529 | ) |  |  | (2,538 | )
Indefinite-lived intangible assets, net |  | $ | 455 |  |  | $ | 446 |
Total Intangibles |  | $ | 12,359 |  |  | $ | 12,254 |
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 March 31, 2023 and 2022 was approximately $0.1 million, and $0.1 million, respectively. Amortization expense is reflected in selling, 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:
2023 |  | $ | 411 |
2024 |  |  | 547 |
2025 |  |  | 547 |
2026 |  |  | 547 |
2027 |  |  | 547 |
Thereafter |  |  | 9,305 |
Total |  | $ | 11,904 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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