Goodwill and Intangible Assets

6 Months Ended

Apr. 30, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 8. Goodwill and Intangible Assets

As of April 30, 2024 and October 31, 2023, the Company had goodwill of $4.1 million and intangible assets of $15.4 million and $16.1 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 an indefinite-lived in-process research and development intangible asset for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for each of the three month periods ended April 30, 2024 and 2023 was $0.3 million and for each of the six month periods ended April 30, 2024 and 2023 was $0.6 million.

The following tables summarize the carrying value of the Company’s intangible assets as of April 30, 2024 and October 31, 2023 (in thousands):

As of April 30, 2024	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	-	$	9,592
Bridgeport PPA		12,320		(6,484)		5,836
Total	$	21,912	$	(6,484)	$	15,428
As of October 31, 2023	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	-	$	9,592
Bridgeport PPA		12,320		(5,836)		6,484
Total	$	21,912	$	(5,836)	$	16,076