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Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2022

Note 8. Goodwill and Intangible Assets

As of July 31, 2022 and October 31, 2021, the Company had goodwill of $4.1 million and intangible assets of $17.7 million and $18.7 million, respectively, that were recorded in connection with the Company’s 2012 acquisition of Versa Power Systems, Inc. (“Versa”) and the 2019 Bridgeport Fuel Cell Project acquisition. The Versa acquisition intangible asset represents an indefinite-lived in-process research and development intangible asset (“IPR&D”) for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for each of the three months ended July 31, 2022 and 2021 was $0.3 million and for each of the nine months ended July 31, 2022 and 2021 was $0.9 million.

The Company completed its annual impairment analysis of goodwill and IPR&D as of July 31, 2022. A qualitative analysis was completed for fiscal year 2022 and the Company determined that there was no impairment of goodwill or IPR&D.

The following tables summarize the carrying value of the Company’s intangible assets as of July 31, 2022 and October 31, 2021 (in thousands):


As of July 31, 2022	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	—	$	9,592
Bridgeport PPA		12,320		(4,215)		8,105
Total	$	21,912	$	(4,215)	$	17,697

As of October 31, 2021	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	—	$	9,592
Bridgeport PPA		12,320		(3,242)		9,078
Total	$	21,912	$	(3,242)	$	18,670