XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Intangible and Other Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible and Other Assets | Note 6 – Intangible and Other Assets The following table summarizes our intangible assets as of: Schedule of Intangible and Other Assets
|  | December 31, |  |  | December 31, |  |  | Estimated |
|  | 2024 |  |  | 2023 |  |  | Useful Life |
Intangible assets subject to amortization (in thousands): |  |  |  |  |  |  |  |  |  |  |  |
Tradenames and trademarks |  | $ | 818 |  |  | $ | 417 |  |  |  | 2.5 - 8.0 years |
Accreditations |  |  | - |  |  |  | 75 |  |  |  | 5.0 years |
Customer relationships |  |  | 3,470 |  |  |  | 3,937 |  |  |  | 3.0 - 15.0 years |
Patents |  |  | - |  |  |  | 970 |  |  |  | 4.0 years |
Non-compete agreements |  |  | - |  |  |  | 121 |  |  |  | 5.0 years |
Intangible assets subject to amortization, gross |  |  | 4,288 |  |  |  | 5,520 |  |  |  |  |
Less accumulated amortization |  |  | 2,497 |  |  |  | 3,821 |  |  |  |  |
Intangible assets subject to amortization, net |  |  | 1,791 |  |  |  | 1,699 |  |  |  |  |
Tradenames/trademarks (not subject to amortization) |  |  | - |  |  |  | 465 |  |  |  |  |
Intangible assets |  |  | 1,791 |  |  |  | 2,164 |  |  |  |  |
Other assets |  |  | 19 |  |  |  | 23 |  |  |  |  |
Intangible and other assets: |  | $ | 1,810 |  |  | $ | 2,187 |  |  |  |  |
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements In December 2023, the Company acquired the Upcycled Certified® Program from the Upcycled Food Association. Assets acquired included intellectual property, trademarks and a customer list for $0.3 million. The upcycled food movement is closely aligned with broader sustainability trends in the United States and around the world. This acquisition enables the company to meet growing consumer demand for products that contain upcycled food ingredients and be part of the food waste solution. Management performs an annual review of the Company’s intangible assets to ensure fully depreciated assets, which are no longer in use, are removed from the Company’s records. For the years ended December 31, 2024 and 2023, the Company wrote off approximately $1.7 million and $0, respectively, in fully depreciated intangible assets. The write-off had no impact on the Company’s Consolidated Statements of Income. During 2024, management reviewed our tradenames / trademarks (not subject to amortization) and determined the tradename no longer had an infinite life and as such, needed to be reclassified to tradename / trademarks subject to amortization and amortized over the remaining useful life. We reviewed our long-lived assets for indicators of impairment in 2024 and 2023 and concluded in each year that no impairments exist. Amortization expense for each of the years ended December 31, 2024 and 2023 was approximately $0.4 million and $0.3 million, respectively. As of December 31, 2024, future scheduled amortization of intangible assets is as follows (in thousands): Schedule of Future Amortization of Intangible Assets
|  | 2024 |
Fiscal year ending December 31:
2025 |  | $ | 391 |
2026 |  |  | 354 |
2027 |  |  | 308 |
2028 |  |  | 271 |
2029 |  |  | 205 |
Thereafter |  |  | 262 |
Intangible and other assets, net |  | $ | 1,791 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration