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GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

9. GOODWILL AND OTHER INTANGIBLE ASSETS

In connection with the establishment of reporting segments for each reporting period, the Company allocated goodwill between reporting units using a relative fair value allocation approach.

Goodwill on the balance sheet resulted from the acquisition of wholly owned subsidiaries, the Tria Group and Maymouna Food Group, in 2015 and the acquisitions completed in 2021. The Company performed the annual impairment assessment as of December 31, 2022 and December 31, 2021, which did not result in impairment losses.

In connection with the change in reportable segments beginning in the fourth quarter of 2021, the Company recasted its previously reported goodwill balances as of December 31, 2021 and 2020 on a relative fair value basis.

Changes in the carrying amount of goodwill allocated to its reporting units for the year ended December 31, 2022, and 2021 are as follows:

SCHEDULE OF GOODWILL

	Soft			Durum			Couscous
	Soft			Durum			Couscous
	Wheat			Wheat			and Pasta			Total
	(in thousands)
Balance at December 31, 2020	$	31,058		$	7,641		$	9,373		$	48,072
Business combinations		5,607			-			-			5,607
Foreign currency exchange adjustments		(1,471	)		(286	)		(351	)		(2,108	)
Balance at December 31, 2021	$	35,194		$	7,355		$	9,022		$	51,571
Beginning balance	$	35,194		$	7,355		$	9,022		$	51,571
Foreign currency exchange adjustments		(3,784	)		(848	)		(1,041	)		(5,673	)
Balance at December 31, 2022	$	31,410		$	6,507		$	7,981		$	45,898
Ending balance	$	31,410		$	6,507		$	7,981		$	45,898

Changes in the carrying amount of intangible assets for the year ended December 31, 2022, and 2021 are as follows:

SCHEDULE OF INTANGIBLE ASSETS

	names			relationships			intangibles			Assets
	Trade			Customer			Other			Intangible
	names			relationships			intangibles			Assets
	(in thousands)
Balance at December 31, 2020	$	-		$	-		$	363		$	363
Acquisitions		1,057			2,213			645			3,915
Amortization		-			(64	)		(47	)		(111	)
Foreign currency exchange adjustments		(46	)		(108	)		(38	)		(192	)
Balance at December 31, 2021	$	1,011		$	2,041		$	923		$	3,975
Beginning balance	$	1,011		$	2,041		$	923		$	3,975
Acquisitions		-			-			262			262
Amortization		-			(90	)		(53	)		(143	)
Foreign currency exchange adjustments		(84	)		(155	)		(132	)		(371	)
Balance at December 31, 2022	$	927		$	1,796		$	1,000		$	3,723
Ending balance	$	927		$	1,796		$	1,000		$	3,723

As of December 31, 2022, the weighted-average remaining amortization period for intangibles other than goodwill is 11 years and future intangible amortization is expected to total the following:

	(in thousands)
2023	$	226
2024		226
2025		226
2026		226
2027		226
Thereafter		1,666
Total amortization	$	2,796