Intangible Assets, Net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Note 9. Intangible assets, net

The Company’s intangible assets, net as of December 31, 2021 and 2020, consist of the following:


	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization and Impairment (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Intellectual property	$	570	$	419	$	151	$	310	$	27	$	283
Customer lists		400		355		45		40		3		37
Total amortizable intangible assets	$	970	$	774	$	196	$	350	$	30	$	320

Indefinite-lived intangible assets
Brands and trademarks	$	2,950	$	2,662	$	288	$	50	$	—	$	50
Total intangible asset, net	$	3,920	$	3,436	$	484	$	400	$	30	$	370

(1) During the year ended December 31, 2021, 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 our 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 consolidated statements of operations and comprehensive loss for the year ended December 31, 2021.

Intellectual property and customer lists will be amortized based on their useful lives ranging between 4 and 15 years. As of December 31, 2021, future amortization of intellectual property and customer lists is as follows:


Year Ending December 31,
2022	$	53
2023		53
2024		53
2025		4
2026		4
Thereafter		28
Total	$	196