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Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

As of July 31, 2024 and October 31, 2023, the Company had goodwill of $4.1 million and intangible assets of $15.1 million and $16.1 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 for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. The Company completed its annual qualitative impairment analysis of goodwill and in-process research and development (“IPR&D”) assets for fiscal year 2024 as of July 31, 2024, and determined that there was no impairment of goodwill or the indefinite-lived IPR&D intangible asset. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for each of the three month periods ended July 31, 2024 and 2023 was $0.3 million and for each of the nine month periods ended July 31, 2024 and 2023 was $1.0 million.

The following tables summarize the carrying value of the Company’s intangible assets as of July 31, 2024 and October 31, 2023 (in thousands):

​	​	​	​	​	​	​	​	​	​
As of July 31, 2024		Gross Amount			Accumulated Amortization			Net Amount
In-Process Research and Development	​	$	9,592	​	$	-	​	$	9,592
Bridgeport PPA	​	​	12,320	​	​	(6,808)	​	​	5,512
Total	​	$	21,912	​	$	(6,808)	​	$	15,104
​	​	​	​	​	​	​	​	​	​
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

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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