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Goodwill and Intangible Assets | 12 Months Ended
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Oct. 31, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | Note 8. Goodwill and Intangible Assets As of October 31, 2023 and 2022, the Company had goodwill of $4.1 million and intangible assets of $16.1 million and $17.4 million, respectively, that were recorded in connection with the Company’s 2012 acquisition of Versa Inc. and the 2019 Bridgeport Fuel Cell Project acquisition. The Versa Inc. acquisition intangible asset represents indefinite-lived IPR&D for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. The Company completed its annual impairment analysis of goodwill and IPR&D assets as of July 31, 2023. The Company performed a qualitative analysis for fiscal year 2023 and determined that there was no impairment of goodwill or the indefinite-lived intangible asset. Additionally, there were no impairments of goodwill or the indefinite-lived intangible asset during fiscal year 2022 and 2021. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset was $1.3 million for each of the years ended October 31, 2023, 2022 and 2021. The following tables summarize the Company’s intangible assets as of October 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of October 31, 2023 |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
In-Process Research and Development | ​ | $ | 9,592 | ​ | $ | — | ​ | $ | 9,592
Bridgeport PPA | ​ | ​ | 12,320 | ​ | ​ | (5,836) | ​ | ​ | 6,484
Total | ​ | $ | 21,912 | ​ | $ | (5,836) | ​ | $ | 16,076
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of October 31, 2022 |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
In-Process Research and Development | ​ | $ | 9,592 | ​ | $ | — | ​ | $ | 9,592
Bridgeport PPA | ​ | ​ | 12,320 | ​ | ​ | (4,539) | ​ | ​ | 7,781
Total | ​ | $ | 21,912 | ​ | $ | (4,539) | ​ | $ | 17,373
​ Amortization expense is recorded on a straight-line basis and future amortization expense will be $1.3 million per year until the Bridgeport PPA is fully amortized.

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