Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 6 – Intangible Assets and Goodwill

Intangible Assets, net

Intangible assets for the three months ended March 31, 2022 and December 31, 2021 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows:

	March 31, 2022							December 31, 2021
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net
	(in thousands)
Tradenames, service marks and domain names	$	50	$	(32	)	$	18	$	50	$	(30	)	$	20
Intellectual property		1,098		(53	)		1,045		1,098		(26	)		1,072
Customer relationships		540		(105	)		435		540		(96	)		444
Total intangible assets	$	1,688	$	(190	)	$	1,498	$	1,688	$	(152	)	$	1,536

The Company recognized amortization expense of approximately $38,000 for the three months ended March 31, 2022. Of the approximately $38,000, approximately $11,000 was recognized in selling, general and administrative expenses and approximately $27,000 was recognized in cost of goods sold on the accompanying consolidated statement of operations and comprehensive loss.

The Company recognized amortization expense of approximately $10,000 for the three months ended March 31, 2021 in selling, general and administrative expenses on the accompanying consolidated statement of operations and comprehensive loss.

As of March 31, 2022, future amortization expense for each of the next five years is (in thousands):

Fiscal Years
2022 (excluding the three months ended March 31, 2022)	114
2023	152
2024	142
2025	142
2026	142

The Company did not recognize any intangible asset impairment charges during the three months ended March 31, 2022 or 2021.

Goodwill

Goodwill has a carrying value on the Company’s condensed consolidated balance sheets of $0.8 million at March 31, 2022 and December 31, 2021. Goodwill has been allocated to the Water Filtration segment.