GOODWILL AND INTANGIBLES

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

9.GOODWILL AND INTANGIBLES

At March 31, 2022 and December 31, 2021, goodwill consists of approximately $14.2 million and $14.5 million, respectively resulting from the excess of the consideration paid over the fair value of net tangible and intangible assets acquired from the Func Food Acquisition.

Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition. The gross carrying amount and accumulated amortization of intangible assets as of March 31, 2022 and December 31, 2021, respectively, were as follows:

	March 31,			December 31,
	2022			2021
Definite-lived intangible assets
Customer relationships	$	13,965		$	14,248
Less: accumulated amortization		(1,257	)		(1,140	)
Definite-lived intangible assets, net	$	12,708		$	13,108
Indefinite-lived intangible assets
Brands	$	3,130		$	3,193
Total Intangibles	$	15,838		$	16,301

Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for the three months ended March 31, 2022 and 2021 was approximately $0.1 million and $0.2 million, respectively, and is reflected in general and administrative expenses.

Other fluctuations in the amounts of goodwill and intangible assets are due to currency translation adjustments.

The following is the future estimated annualized amortization expense related to customer relationships:

As of March 31, 2022:
2022	$	417
2023		559
2024		559
2025		559
2026		559
Thereafter		10,055
Total	$	12,708