Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets [Abstract]

6. Goodwill and Intangible Assets

The carrying value of goodwill was $0 as of June 30, 2024 and December 31, 2023. We fully impaired goodwill due to delays in implementing our business model, resulting in a $1,190,000 impairment charge in 2023. No additional goodwill has been recognized.

The following tables summarize information relating to the Company’s identifiable intangible assets as of June 30, 2024 and December 31, 2023:

	June 30, 2024
	Estimated	Gross		Accumulated					Carrying
	Useful Life	Amount		Amortization			Impairment		Value
Amortized
Internal-use software	26 months		148,219		(85,511	)		-		62,708
Total identifiable intangible assets		$	148,219	$	(85,511	)	$	-	$	62,708

	December 31, 2023
	Estimated	Gross		Accumulated						Carrying
	Useful Life	Amount		Amortization			Impairment			Value
Amortized
Patent	120 months	$	873,263	$	(174,653	)	$	(698,610	)	$	-
Internal-use software	26 months		148,219		(51,307	)		-			96,912
In-process research and development	104 months		3,209,000		(254,567	)		(2,954,433	)		-
Total identifiable intangible assets		$	4,230,482	$	(480,527	)	$	(3,653,043	)	$	96,912

Amortization expense was $17,102 and $34,204 for the three and six months ended June 30, 2024, respectively. Amortization expense was $131,260 and $245,659 for the three and six months ended June 30, 2023, respectively.

Years ending December 31,	Amount
2024 (remainder of year)		34,206
2025		28,502
		62,708

Cryomass Technologies, Inc. 10-Q