GOODWILL AND INTANGIBLES

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

At June 30, 2022 and December 31, 2021, goodwill consists of approximately $13.3 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 June 30, 2022 and December 31, 2021, respectively, were as follows:


	June 30,			December 31,
	2022			2021
Definite-lived intangible assets
Customer relationships	$	13,068		$	14,248
Less: accumulated amortization		(1,307	)		(1,140	)
Definite-lived intangible assets, net	$	11,761		$	13,108

Indefinite-lived intangible assets
Brands	$	2,928		$	3,193
Total Intangibles	$	14,689		$	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 June 30, 2022 and 2021 was approximately $0.1 million and $0.2 million, respectively. Amortization expense for the six months ended June 30, 2022 and 2021 was approximately $0.3 million and $0.4 million, respectively. Amortization expense 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 June 30, 2022:
2022	$	261
2023		523
2024		523
2025		523
2026		523
Thereafter		9,408
Total	$	11,761