Quarterly report pursuant to Section 13 or 15(d)

6. Goodwill and Intangible Assets, Net (Tables)

v3.20.1
6. Goodwill and Intangible Assets, Net (Tables)
3 Months Ended
Mar. 31, 2020
Warrant weighted average exercise price per share, exercisable  
Schedule of Intangible Asset

The Company had the following intangible assets as of March 31, 2020, and December 31, 2019:

 

   

March 31,

2020

 

December 31,

2019

Trademarks (a)   $ 129,831     $ 129,831  
Other Intangible Assets (a)     272,528       272,528  
Intangible Assets, Gross     402,359       402,359  
Less Accumulated Amortization (b)     (361,567 )     (350,776 )
Intangible Assets, Net   $ 40,792     $ 51,583  

 

 (a) Pursuant to FASB ASC 350-30-35, the Company reviews these intangible assets periodically to determine if the value should be retired or impaired due to recent events. At December 31, 2019, the Company determined that the Product Masters inventory had no further useful life and the asset value and accumulated amortization were written off.

 

(b) During the three months ended March 31, 2020 and March 31, 2019, the Company recognized, $10,791 and $9,773, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets. 

Schedule of expected future ingtangible asset amortization

Expected future intangible asset amortization as of March 31, 2020 is as follows:

 

Fiscal Year:    
  2020       32,374  
  2021       4,359  
  2022       1,861  
  2023       1,465  
  2024       733  
  Total     $ 40,792