XML 21 R9.htm IDEA: XBRL DOCUMENT v3.24.3
INTANGIBLE ASSETS AND GOODWILL
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL
Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods for intangible assets are reviewed by the Company at each year end, and any changes in estimates are accounted for prospectively.
As of September 30, 2024, intangible assets consisted of the following:
LicensesTradenamesTechnologyTotal
Cost
Balance as of January 1, 2024$1,269,326 $54,166 $6,431 $1,329,923 
Additions from business combination$29,900 $— $— $29,900 
Balance as of September 30, 2024$1,299,226 $54,166 $6,431 $1,359,823 
Accumulated Amortization
Balance as of January 1, 2024225,751 15,001 3,025 243,777 
Amortization63,683 4,066 778 68,527 
Balance as of September 30, 2024$289,434 $19,067 $3,803 $312,304 
Net Book Value
Balance as of January 1, 20241,043,575 39,165 3,406 1,086,146 
Balance as of September 30, 2024$1,009,792 $35,099 $2,628 $1,047,519 
The following table outlines the estimated annual amortization expense related to intangible assets as of September 30, 2024:
Year Ending December 31:Estimated Amortization
2024 (Remaining)$23,285 
202593,142 
202692,427 
202792,354 
202892,336 
Thereafter653,975 
Total$1,047,519 
The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2024 were as follows:
January 1, 2024ImpairmentAdjustments to purchase price allocationAcquisitionsSeptember 30, 2024
Cultivation$49,318 $— $— $4,810 $54,128 
Retail181,973 — — 16,081 198,054 
Total$231,291 $— $— $20,891 $252,182