Intangible Assets, Net

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

. Intangible assets, net

The Company’s intangible assets, net as of March 31, 2022, consist of the following:


	March 31, 2022						December 31, 2021
	Gross Carrying Amount (1)		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount (1)		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Intellectual property	$	258	$	118	$	140	$	258	$	107	$	151
Customer lists		71		28		43		71		26		45
Total amortizable intangible assets	$	329	$	146	$	183	$	329	$	133	$	196

Indefinite-lived intangible assets
Brands and trademarks	$	288	$	—	$	288	$	288	$	—	$	288
Total intangible asset, net	$	617	$	146	$	471	$	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. No impairments have been recorded during the three months ended March 31, 2022.

Intellectual property and customer lists will be amortized based on their useful lives ranging between 4 and 15 years. As of March 31, 2022, future amortization of intellectual property and customer lists is as follows:


Year Ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	40
2023		53
2024		53
2025		4
2026		4
Thereafter		29
Total	$	183