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Intangible and Other Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible and Other Assets

Note 5 – Intangible and Other Assets

 

The following table summarizes our intangible assets as of:

 

 

   December 31,   December 31,   Estimated
   2022   2021   Useful Life
Intangible assets subject to amortization (in thousands):             
Tradenames and trademarks  $417   $417   2.5 - 8.0 years
Accreditations   75    75   5.0 years
Customer relationships   3,664    3,664   3.0 - 15.0 years
Patents   970    970   4.0 years
Non-compete agreements   121    121   5.0 years
Intangible and other assets, gross   5,247    5,247    
Less accumulated amortization   3,511    3,154    
Intangible and other assets, Net   1,736    2,093    
Cryptocurrency (not subject to amortization)   116    -    
Tradenames/trademarks (not subject to amortization)   465    465    
Intangible assets   2,317    2,558    
Other assets   23    23    
Intangible and other assets:  $2,340   $2,581    

 

We reviewed our long-lived assets for indicators of impairment in 2022 and 2021 and concluded in each year that no impairments exist. For the period ending December 31, 2022, we have not sold any digital assets and have recognized an impairment loss of $62,000 related to our investment in cryptocurrency. As of December 31, 2022, the carrying value of our digital assets held was $116,000.

 

Amortization expense for each of the years ended December 31, 2022 and 2021 was approximately $0.3 million and $0.4 million, respectively.

 

As of December 31, 2022, future scheduled amortization of intangible assets is as follows (in thousands):

 

 

Fiscal year ending December 31:

 

      
2023  $317 
2024   305 
2025   260 
2026   223 
2027   197 
Thereafter   434 
Intangible and other assets, net   $1,736 

 

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements