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INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
The Company’s intangible assets at December 31, 2021 and 2020 include the following:
DescriptionEstimated Economic LifeDecember 31, 2021December 31, 2020
Developed technologies10 years$18,882,401 $— 
Lease intangible30 years3,621,488
License agreements10 years510,752— 
In-process research and development10 years350,000
Customer agreements1 year122,885— 
Distribution agreements8 years19,733— 
Trademarks10 years7,000 
Accumulated amortization(338,958)— 
Intangible assets, net$23,175,301 $— 
Accumulated amortization as of December 31, 2021 and 2020 consisted of the following:
December 31, 2021December 31, 2020
Developed technologies$231,920 $— 
License agreements20,625 — 
In-process research and development2,991 — 
Customer agreements81,923 — 
Distribution agreements1,499 — 
Accumulated amortization$338,958 $— 
Amortization expense related to intangible assets of $569,721 was recorded for the year ended December 31, 2021. Accumulated amortization of $230,763 was written off as part of the impairment of the MANA customer agreement intangible asset during the year ended December 31, 2021.
The estimated economic lives shown above were at the closing dates of the respective acquisitions. The estimated economic lives of license agreements and developed technologies are based on the midpoint of the indicated lives derived from the related valuation analyses. The estimated economic lives of customer and distribution agreements are based on the specified terms of the respective agreements.
The Company is party to three license agreements with American Science and Technology Corporation (“AST”), pursuant to which Comstock Innovations agreed to license AST’s intellectual properties for use at three facilities in exchange for three facility-specific license fees of $500,000 each, and a royalty fee equal to 1.0% of the gross revenue of each of the first three licensed facilities. Comstock IP Holdings is also party to a research agreement with Virginia Polytechnic Institute and State University (“Virginia Tech”), and an exclusive license agreement with Virginia Tech’s affiliate, Virginia Tech Intellectual Properties, Inc. (“VTIP”) pursuant to which Comstock IP Holdings agreed to (i) pay Virginia Tech $438,410 to conduct sponsored research; and (ii), license VTIP’s related intellectual property on a worldwide exclusive basis in exchange for a royalty fee equal to 1.0% of the applicable net sales, subject to a minimum annual royalty of $5,000 per year. The Company also has developed technologies valued at $18,882,401 (See Note 2, Acquisitions and Investments).
Amortization of intangible assets was $338,958 for the year ended December 31, 2021. Future minimum amortization expense is as follows at December 31, 2021:
2022$2,148,222 
20232,103,108 
20242,098,956 
20252,098,956 
20262,098,956 
Thereafter12,627,103 
$23,175,301 
Changes in the intangible assets and goodwill balances for the year ended December 31, 2021 are presented below:
As of December 31, 2020AcquisitionsAdditionsImpairmentAmortizationAs of December 31, 2021
Intangible assets— 23,125,786 850,000 (461,527)23,514,259 
Accumulated amortization— — 230,763 (569,721)(338,958)
Goodwill— 18,952,517 — (6,163,846)— 12,788,671 
Total intangible assets and goodwill— 42,078,303 850,000 (6,394,610)(569,721)35,963,972 
All intangibles and goodwill are associated with the Renewable Energy Products segment.
INTANGIBLE ASSETS AND GOODWILL
The Company’s intangible assets at March 31, 2022 and December 31, 2021 include the following:
DescriptionEstimated Economic LifeMarch 31, 2022December 31, 2021
Developed technologies10 years$19,382,401 $18,882,401 
Lease intangible30 years3,621,4883,621,488 
License agreements10 years510,752510,752 
In-process research and development10 years— 350,000 
Customer agreements1 year122,885122,885 
Distribution agreements8 years19,73319,733 
Trademarks10 years7,000 7,000 
Accumulated amortization(907,267)(338,958)
Intangible assets, net$22,756,992 $23,175,301 
Accumulated amortization as of March 31, 2022 and December 31, 2021 consisted of the following:
March 31, 2022December 31, 2021
Developed technologies$691,042 $231,920 
Lease intangible30,325 — 
License agreements60,981 20,625 
In-process research and development— 2,991 
Customer agreements122,613 81,923 
Distribution agreements2,130 1,499 
Trademarks176 — 
Accumulated amortization$907,267 $338,958 
Amortization expense related to intangible assets of $568,309 was recorded for the three months ended March 31, 2022. Accumulated amortization of $11,964 was written off as part of the impairment of the Flux Photon intangible asset during the three months ended March 31, 2022.
The estimated economic lives shown above were at the closing dates of the respective acquisitions. The estimated economic lives of license agreements and developed technologies are based on the midpoint of the indicated lives derived from the related valuation analyses. The estimated economic lives of customer and distribution agreements are based on the specified terms of the respective agreements.
The Company is party to three license agreements with American Science and Technology Corporation (“AST”), pursuant to which Comstock Innovations agreed to license AST’s intellectual properties for use at three facilities in exchange for three facility-specific license fees of $500,000 each, and a royalty fee equal to 1.0% of the gross revenue of each of the first three licensed facilities. Comstock IP Holdings is also party to a research agreement with Virginia Polytechnic Institute and State University (“Virginia Tech”), and an exclusive license agreement with Virginia Tech’s affiliate, Virginia Tech Intellectual Properties, Inc. (“VTIP”) pursuant to which Comstock IP Holdings agreed to (i) pay Virginia Tech $438,410 to conduct sponsored research; and (ii), license VTIP’s related intellectual property on a worldwide exclusive basis in exchange for a royalty fee equal to 1.0% of the applicable net sales, subject to a minimum annual royalty of $5,000 per year. The Company also has developed technologies valued at $19,382,401 (See Note 2, Acquisitions and Investments). During the three months ended March 31, 2022, the Company paid $500,000 toward the license fees.
Future minimum amortization expense is as follows at March 31, 2022:
Remainder of 2022$1,592,316 
20232,118,936 
20242,114,784 
20252,114,784 
20262,114,784 
Thereafter12,701,388 
$22,756,992 
Changes in the intangible assets and goodwill balances for the three months ended March 31, 2022 are presented below:
As of December 31, 2021AdditionsImpairmentAmortizationAs of March
31, 2022
Intangible assets23,514,259 500,000 (350,000)23,664,259 
Accumulated amortization(338,958)— (568,309)(907,267)
Goodwill12,788,671 — — — 12,788,671 
Total intangible assets and goodwill35,963,972 500,000 (350,000)(568,309)35,545,663 
All intangibles and goodwill are associated with the Renewable Energy Products segment.