As of October 31, 2020 and 2019, the Company had goodwill of $4.1 million and intangible assets of $20.0 million and $21.3 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, 2020. The Company performed a qualitative analysis for fiscal years 2020, 2019 and 2018 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, 2020 and 2019 was $1.3 million and $0.6 million, respectively.

The following tables summarize the Company’s intangible assets as of October 31, 2020 and 2019 (in thousands):

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

As of October 31, 2019	Gross Amount		Accumulated Amortization			Net Amount
In-Process Research and Development	$	9,592		—		$	9,592
Bridgeport Power Purchase Agreement (PPA)		12,320		(648	)		11,672
Total		21,912		(648	)		21,264

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.