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INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET | 12. INTANGIBLE ASSETS, NET At December 31, 2024 and 2023, intangible assets consisted of:
Schedule of intangible asset |  |  |  |  |  |  |  |  |  |
|  | Useful Life |  | December 31, 2024 |  |  | December 31, 2023 |
Definite lived intangible assets: |  |  |  |  |  |  |  |
Developed technology |  | 7 years |  | $ | 60,000 |  |  | $ | 1,949,000 |
Customer list |  | 10 years |  |  | 1,290,000 |  |  |  | 1,290,000 |
Trade names |  | 12 years |  |  | 1,030,000 |  |  |  | 1,030,000 |
|  |  |  |  | 2,380,000 |  |  |  | 4,269,000 |
Accumulated amortization |  |  |  |  | (536,000 | ) |  |  | (222,000 | )
Total definite-lived intangible assets |  |  |  | $ | 1,844,000 |  |  | $ | 4,047,000 |
Certain of the Company’s trade names and trademarks were determined to have an indefinite life. The remaining definite-lived intangible assets are primarily being amortized on a straight-line basis over their estimated useful lives. Summary of amortization expense:
Schedule of amortization expense |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Amortization expense |  | $ | 653,000 |  |  | $ | 1,041,000 |
As of December 31, 2024, intangible assets subject to amortization had an average remaining useful life of 6.9 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.
Schedule of estimated amortization expense |  |  |  |
2025 |  |  | 324,000 |
2026 |  |  | 264,000 |
2027 |  |  | 264,000 |
2028 |  |  | 264,000 |
2029 |  |  | 264,000 |
Thereafter |  |  | 464,000 |
|  | $ | 1,844,000 |
During the year ended December 31, 2024, the Company recognized $1.5 million impairment of intangible assets related to Eco Pack. Based on internally developed forecasts of undiscounted expected future cash flows, it was determined that the carrying amount of the assets was not recoverable. During the year ended December 31, 2023, the Company recognized $24.3 million impairment of intangible assets related to AVLP. Due to indicators of impairment, AVLP intangible assets were tested for impairment during the year ended December 31, 2023. Based on internally developed forecasts of undiscounted expected future cash flows, it was determined that the carrying amount of the assets were not recoverable. The tradenames and patents/developed technology intangible assets were valued using the relief-from-royalty method. The relief-from-royalty method is one of the methods under the income approach whereby estimates of a company’s earnings attributable to the intangible asset are based on the royalty rate the Company would have paid for the use of the asset if it did not own it. Royalty payments are estimated by applying royalty rates of 18% for patents and developed technology and 0.25% for trademarks. The resulting net annual royalty payments are then discounted to present value using a discount factor of 25.7%.

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