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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2024
Business Combinations [Abstract] |
Intangible Assets and Goodwill | (9) Intangible Assets and Goodwill The following schedule represents intangible assets recognized in connection with product acquisitions (See Note 1 for the Company’s accounting policy regarding intangible assets):
|  | Amount |
Intangible assets at January 1, 2022 |  | $ | 197,841 |
Additions during fiscal 2022 |  |  | 1,292 |
Impact of movement in exchange rates |  |  | (516 | )
Amortization expense |  |  | (13,953 | )
Intangible assets at December 31, 2022 |  |  | 184,664 |
Additions during fiscal 2023 |  |  | 941 |
Impact of movement in exchange rates |  |  | 177 |
Amortization expense |  |  | (13,274 | )
Intangible assets at December 31, 2023 |  |  | 172,508 |
Measurement period adjustment |  |  | 1,696 |
Additions during fiscal 2024 |  |  | 418 |
Impact of movement in exchange rates |  |  | (1,441 | )
Amortization expense |  |  | (13,339 | )
Asset impairments |  |  | (9,345 | )
Intangible assets at December 31, 2024 |  | $ | 150,497 |
Goodwill at January 1, 2022 |  | $ | 46,260 |
Impact of movement in exchange rates |  |  | 750 |
Goodwill at December 31, 2022 |  |  | 47,010 |
Additions during fiscal 2023 |  |  | 2,949 |
Impact of movement in exchange rates |  |  | 1,240 |
Goodwill at December 31, 2023 |  |  | 51,199 |
Measurement period adjustment |  |  | (1,339 | )
Impact of movement in exchange rates |  |  | (3,110 | )
Goodwill impairment |  |  | (27,049 | )
Goodwill at December 31, 2024 |  | $ | 19,701 |
Intangible assets and goodwill at December 31, 2024 |  | $ | 170,198 |
The Company recorded impairment charges related to its SIMPAS precision application technology platform and two of its herbicide products and one of its fungicide products in the amount of $9,345 during the year ended December 31, 2024. In addition, the Company recorded $27,049 in goodwill impairment charges for the year ended December 31, 2024. No impairment charges were recorded during the years ended December 31, 2023. The following schedule represents the gross carrying amount and accumulated amortization of intangible assets as of December 31, 2024 and 2023. Product rights and trademarks are amortized over the lesser of the useful life ranging from 10 to 25 years, or the patent life. Customer lists are amortized over their expected useful lives of nine to ten years. The amortization expense is included in operating expenses on the consolidated statements of operations.
|  | 2024 |  |  | 2023 |
|  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross |  |  | Accumulated Amortization |  |  | Net Book Value |
Product rights and patents |  | $ | 260,928 |  |  | $ | 138,090 |  |  | $ | 122,838 |  |  | $ | 272,879 |  |  | $ | 131,778 |  |  | $ | 141,101 |
Trademarks |  |  | 38,475 |  |  |  | 14,375 |  |  |  | 24,100 |  |  |  | 40,896 |  |  |  | 13,290 |  |  |  | 27,606 |
Customer lists |  |  | 11,874 |  |  |  | 8,315 |  |  |  | 3,559 |  |  |  | 11,549 |  |  |  | 7,748 |  |  |  | 3,801 |
Total intangibles assets |  | $ | 311,277 |  |  | $ | 160,780 |  |  | $ | 150,497 |  |  | $ | 325,324 |  |  | $ | 152,816 |  |  | $ | 172,508 |
Domestic intangible assets |  |  | 172,755 |  |  |  | 102,347 |  |  |  | 70,408 |  |  |  | 186,134 |  |  |  | 99,598 |  |  |  | 86,536 |
International intangible assets |  |  | 138,522 |  |  |  | 58,433 |  |  |  | 80,089 |  |  |  | 139,190 |  |  |  | 53,218 |  |  |  | 85,972 |
Total intangibles assets - domestic and international |  | $ | 311,277 |  |  | $ | 160,780 |  |  | $ | 150,497 |  |  | $ | 325,324 |  |  | $ | 152,816 |  |  | $ | 172,508 |
The following schedule represents future amortization charges related to intangible assets:
Year ending December 31, |  | Amount |
2025 |  | $ | 12,417 |
2026 |  |  | 12,370 |
2027 |  |  | 12,173 |
2028 |  |  | 11,356 |
2029 |  |  | 11,005 |
Thereafter |  |  | 91,176 |
|  | $ | 150,497 |
The following schedule represents the balance of goodwill at December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Domestic |  | $ | — |  |  | $ | 9,131 |
International |  |  | 19,701 |  |  |  | 42,068 |
Total goodwill, domestic and international |  | $ | 19,701 |  |  | $ | 51,199 |

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