The Company’s intangible assets, net as of December 31, 2022 and 2021, consist of the following (in thousands):


	December 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	$	144	$	141	$	3	$	570	$	419	$	151
Customer lists		33		31		2		400		355		45
Total amortizable intangible assets	$	177	$	172	$	5	$	970	$	774	$	196

Indefinite-lived intangible assets
Brands and trademarks	$	35	$	—	$	35	$	2,950	$	2,662	$	288
Total intangible asset, net	$	212	$	172	$	40	$	3,920	$	3,436	$	484

(1) During the years ended December 31, 2022 and 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 $404,000 and $3.3 million in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2022 and 2021, respectively. Of the impairment recognized during the year ended December 31, 2022, $72,000 was related to the Radiance Beauty licensing agreement.