In June 2010, the Company acquired all the outstanding shares of capital stock of Thorne Research, which is now a wholly-owned subsidiary of the Company. The Company accounted for the transaction as a business combination in accordance with ASC 805, Business Combinations, and recorded the consideration transferred, assets acquired and liabilities assumed at their fair values, resulting in the recording of goodwill of approximately $14.4 million.

In February 2022, the Company acquired all of the outstanding ownership interests of Nutrativa, which is now a wholly-owned subsidiary of the Company. The Company accounted for the transaction as a business combination in accordance with ASC 805, Business Combinations, and recorded the consideration transferred, assets acquired and liabilities assumed at their fair values, resulting in the recording of goodwill of approximately $2.1 million. See Note 4 for additional information related to the acquisition of Nutrativa.

Finite-lived intangible assets are as follows:


	June 30, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer relationships	$	6,500,000	$	(3,900,000	)	$	2,600,000
Trade names		7,600,000		(6,080,000	)		1,520,000
Existing technology/reformulations		12,400,000		(1,972,500	)		10,427,500
License agreements		2,754,002		(1,212,094	)		1,541,908
	$	29,254,002	$	(13,164,594	)	$	16,089,408

	December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer relationships	$	6,500,000	$	(3,737,500	)	$	2,762,500
Trade names		8,640,000		(6,866,667	)		1,773,333
Existing technology/reformulations		3,207,923		(2,694,590	)		513,333
Research and development formulas		800,000		(800,000	)		—
License agreements		8,591,822		(7,048,672	)		1,543,150
	$	27,739,745	$	(21,147,429	)	$	6,592,316

The Company’s intangible assets include intangible assets acquired through the acquisitions of Thorne Research in 2010 and Nutrativa in 2022. See Note 4 for additional information related to the acquisition of Nutrativa. As of June 30, 2022 and December 31, 2021, the net carrying value of acquired intangible assets was approximately $14.5 million and $5.0 million, respectively. Intangible assets also include payments under license agreements related to trademarks and content. As of June 30, 2022 and December 31, 2021, these had a net carrying value of $1.5 million.

When applicable, the balances as of June 30, 2022 have been reduced to reflect the impact of intangible assets when the gross carrying value has become fully amortized during the six months ended June 30, 2022. The impact of this resulted in a reduction to carrying value and accumulated amortization of $1.0 million to trade names, $1.0 million to existing technology/reformations, $0.8 million to research and development formulas and $6.2 million to license agreements.

For the three and six months ended June 30, 2022, amortization expense totaled $0.7 million and $1.1 million, respectively (three and six months ended June 30, 2021—$0.5 million and $0.9 million, respectively).

Future estimated amortization expense of the Company’s intangible assets as of June 30, 2022 is as follows:


Remainder of 2022	$	1,306,033
2023		2,391,234
2024		2,080,817
2025		1,551,026
2026		1,208,734
Thereafter		7,551,564
Total	$	16,089,408