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Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Net | 7. Intangible assets, net The Company’s intangible assets, net, consist of the following:
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Amount (2) |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount (1) |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortized intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intellectual property |  | $ | 254 |  |  | $ | 141 |  |  | $ | 113 |  |  | $ | 258 |  |  | $ | 107 |  |  | $ | 151 |
Customer lists |  |  | 64 |  |  |  | 32 |  |  |  | 32 |  |  |  | 71 |  |  |  | 26 |  |  |  | 45 |
Total amortizable intangible assets |  | $ | 318 |  |  | $ | 173 |  |  | $ | 145 |  |  | $ | 329 |  |  | $ | 133 |  |  | $ | 196 |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brands and trademarks |  | $ | 228 |  |  | $ | — |  |  | $ | 228 |  |  | $ | 288 |  |  | $ | — |  |  | $ | 288 |
Total intangible asset, net |  | $ | 546 |  |  | $ | 173 |  |  | $ | 373 |  |  | $ | 617 |  |  | $ | 133 |  |  | $ | 484 |
(1) The gross carrying amounts included in this table reflect the effects of the impairments of intangible assets recorded during the year ended December 31, 2021, when the Company estimated an overall decrease in the sales forecast for AW products, due to an inventory item rationalization, in addition to a decrease in the sales forecast of ISI seeds, related to the saturated hemp seed market. As a result, Arcadia performed a quantitative intangible assets impairment test. The Company used a discounted cash flow approach to develop the fair value of the acquired intellectual property, customer lists, brands and trademarks. As a result of this assessment, Arcadia recorded an impairment of intangible assets in the amount of $3.3 million in the condensed consolidated statements of operations and comprehensive loss for the year ended December 31, 2021. (2) The Company recorded an impairment of intangible assets in the amount of $72,000 during the nine months ended September 30, 2022 related to the Radiance Beauty licensing agreement. Intellectual property and customer lists will be amortized based on their useful lives ranging between 4 and 15 years. As of September 30, 2022, future amortization of intellectual property and customer lists is as follows:
Year Ending December 31, |  |  |
2022 (excluding the nine months ended September 30, 2022) |  | $ | 13 |
2023 |  |  | 53 |
2024 |  |  | 53 |
2025 |  |  | 4 |
2026 |  |  | 4 |
Thereafter |  |  | 18 |
Total |  | $ | 145 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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