Goodwill and Intangible Assets

12 Months Ended

Oct. 31, 2021

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 9. Goodwill and Intangible Assets

As of October 31, 2021 and 2020, the Company had goodwill of $4.1 million and intangible assets of $18.7 million and $20.0 million, respectively, that were recorded in connection with the Company’s 2012 acquisition of Versa Power Systems Inc. (“Versa”) and the 2019 Bridgeport Fuel Cell Project acquisition.

The Versa acquisition intangible asset represents indefinite-lived IPR&D for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. The Company completed its annual impairment analysis of goodwill and IPR&D assets as of July 31, 2021. The Company performed a qualitative analysis for fiscal year 2021 and determined that there was no impairment of goodwill or the indefinite-lived intangible asset.

Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for the years ended October 31, 2021, 2020 and 2019 was $1.3 million, $1.3 million and $0.6 million, respectively.

The following tables summarize the Company’s intangible assets as of October 31, 2021 and 2020 (in thousands):

As of October 31, 2021	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	—	$	9,592
Bridgeport PPA		12,320		(3,242)		9,078
Total	$	21,912	$	(3,242)	$	18,670
As of October 31, 2020	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	—	$	9,592
Bridgeport PPA		12,320		(1,945)		10,375
Total	$	21,912	$	(1,945)	$	19,967

Amortization expense is recorded on a straight-line basis and future amortization expense will be $1.3 million per year until the Bridgeport PPA is fully amortized.