v3.22.2.2
Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

9. Intangible Assets

 

Intangible assets consisted of the following:

 

(Dollars in thousands)   September 30, 2022     December 31, 2021  
Permits and licenses   $ 25     $ 25  
Azuñia brand     11,945       11,945  
Customer lists     2,895       2,895  
Total intangible assets     14,865       14,865  
Less accumulated amortization     (1,551 )     (1,241 )
Intangible assets, net   $ 13,314     $ 13,624  

 

The customer list is being amortized over a seven-year life. Amortization expense totaled $0.3 million for both the nine months ended September 30, 2022 and 2021.

 

The permits and licenses, and Azuñia brand have all been determined to have an indefinite life and will not be amortized. The Company, on an annual basis, tests the indefinite life assets for impairment. If an indefinite life asset is found to be impaired, then the Company will estimate its useful life and amortize the asset over the remainder of its useful life.