| Schedule of Intangible Asset |
The Company had the following intangible assets
as of September 30, 2020 and December 31, 2019:
| |
|
September
30,
2020
|
|
|
December 31,
2019
|
|
| Trademarks (a) |
|
$ |
129,831 |
|
|
$ |
129,831 |
|
| Other Intangible Assets (a) |
|
|
295,028 |
|
|
|
272,528 |
|
| Intangible Assets, Gross |
|
|
424,859 |
|
|
|
402,359 |
|
| Less Accumulated Amortization (b) |
|
|
(385,427 |
) |
|
|
(350,776 |
) |
| Intangible Assets, Net |
|
$ |
39,432 |
|
|
$ |
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. Through September 30, 2019, the Company has not recognized any impairment expense related to these assets. |
| |
(b) |
During the three months ended September 30, 2020 and September 30, 2019, the Company recognized $13,013 and $9,456, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets. During the nine months ended September 30, 2020 and September 30, 2019, the Company recognized $34,651 and $28,949, 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 September 30,
2020 is as follows:
| |
2020 |
|
|
|
12,624 |
|
| |
2021 |
|
|
|
11,692 |
|
| |
2022 |
|
|
|
9,195 |
|
| |
2023 |
|
|
|
5,187 |
|
| |
2024 |
|
|
|
734 |
|
| |
Total |
|
|
$ |
39,432 |
|
|