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Goodwill and Other Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The carrying value of Goodwill as of both September 30, 2023 and December 31, 2022 was $313.2 million and $313.8 million, respectively, as set forth in the table below:
| Carrying Amount
Balance as of December 31, 2022 | $ | 313,807,494 |
Acquisitions | — |
Divestitures | — |
Impairments | — |
Other | (650,101) |
Balance as of September 30, 2023 | $ | 313,157,393 |
Schedule of Intangible Assets | The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2023:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 39,170,904 |  | $ | (27,611,804) |  | $ | 11,559,100 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (150,000,000) |  | 30,000,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (43,000,000) |  | — |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Vaporsens In-Process R&D | 11,000,000 |  | — |  | 11,000,000 |  | Indefinite
Argil In-Process R&D | 6,278,132 |  | — |  | 6,278,132 |  | Indefinite
Air-Craftglass In-Process R&D | 1,507,778 |  | — |  | 1,507,778 |  | Indefinite
Guardian Trade Names | 1,300,000 |  | — |  | 1,300,000 |  | Indefinite
Guardian In-Process R&D | 6,800,000 |  | — |  | 6,800,000 |  | Indefinite
Total Other Intangible Assets | $ | 397,885,910 |  | $ | (193,000,000) |  | $ | 204,885,910 |  |
Total Patents & Other Intangible Assets | $ | 437,056,814 |  | $ | (220,611,804) |  | $ | 216,445,010 |  |
As of December 31, 2022:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 40,653,851 |  | $ | (27,820,383) |  | $ | 12,833,468 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (138,750,000) |  | 41,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (39,775,000) |  | 3,225,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Vaporsens In-Process R&D | 11,000,000 |  | — |  | 11,000,000 |  | Indefinite
Argil In-Process R&D | 6,278,132 |  | — |  | 6,278,132 |  | Indefinite
Air-Craftglass In-Process R&D | 1,507,778 |  | — |  | 1,507,778 |  | Indefinite
Guardian Trade Names | 1,300,000 |  | — |  | 1,300,000 |  | Indefinite
Guardian In-Process R&D | 6,800,000 |  | — |  | 6,800,000 |  | Indefinite
Total Other Intangible Assets | $ | 397,885,910 |  | $ | (178,525,000) |  | $ | 219,360,910 |  |
Total Patents & Other Intangible Assets | $ | 438,539,761 |  | $ | (206,345,383) |  | $ | 232,194,378 |  |

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