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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill As of December 31, 2021, the Company had goodwill of $30.0 million related to the acquisitions of UltraCell, SerEnergy, and FES, which is analyzed as follows:
|  | December 31, 2021 |
Goodwill on acquisition of UltraCell (Note 3b) |  | $ | 631,372 |
Goodwill on acquisition of SerEnergy and FES (Note 3c) |  |  | 29,399,126 |
Total goodwill |  | $ | 30,030,498 |
The Company performed a qualitative analysis for fiscal year 2021 and determined that there was no impairment of goodwill. Intangible Assets Information regarding our intangible assets including assets recognized from our acquisitions is as follows:
Amounts in $ |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |
Trade name “UltraCell” |  | $ | 405,931 |  |  | $ | - |  |  | $ | 405,931 |
Total indefinite-lived intangible assets |  | $ | 405,931 |  |  | $ | - |  |  | $ | 405,931 |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Patents |  |  | 21,221,228 |  |  |  | (945,175 | ) |  |  | 20,276,053 |
Process know-how (IPR&D) |  |  | 2,612,000 |  |  |  | (146,701 | ) |  |  | 2,465,299 |
Order backlog |  |  | 266,000 |  |  |  | (89,638 | ) |  |  | 176,362 |
Software |  |  | 121,505 |  |  |  | (101,564 | ) |  |  | 19,941 |
Total finite-lived intangible assets |  | $ | 24,220,733 |  |  | $ | (1,283,078 | ) |  | $ | 22,937,655 |
Total intangible assets |  | $ | 24,626,664 |  |  | $ | (1,283,078 | ) |  | $ | 23,343,586 |
The Company recorded indefinite-lived intangible assets of $0.4 million related to the trade name UltraCell. The Company performed a qualitative analysis for fiscal year 2021 and determined that there was no impairment to the indefinite-lived intangible assets. The Company also recorded $22.9 million (net carrying amount) of amortizing intangible assets, most of which were in connection with the Company’s acquisitions of UltraCell, SerEnergy, and FES. The amortizing intangible assets consist of patents, process know-how (IPR&D), order backlogs, and software which are amortized over 10 years, 6 years, 1 year, and 5 years respectively. The amortization expense for the intangible assets for the year ended December 31, 2021 was $1.2 million. Amortization expense is recorded on a straight-line basis. Assuming constant foreign currency exchange rates and no change in the gross carrying amount of the intangible assets, future amortization expense related to the Company’s intangible assets subject to amortization as of December 31, 2021 is expected to be as follows:
Fiscal Year Ended December 31, |  |  |
2022 |  | $ | 2,737,806 |
2023 |  |  | 2,561,444 |
2024 |  |  | 2,561,444 |
2025 |  |  | 2,561,444 |
2026 |  |  | 2,561,444 |
Thereafter |  |  | 9,954,073 |
Total |  | $ | 22,937,655 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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