Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net (Tables)

v3.21.2
Goodwill and Intangible Assets, Net (Tables)
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
                       
                   
    Content Production & Distribution     Media & Advertising Services     Total  
Goodwill as of December 31, 2020   $ 10,365,806     $     $ 10,365,806  
Acquisition of ChizComm Entities           9,607,027       9,607,027  
Foreign Currency Translation Adjustment           3,999       3,999  
Goodwill as of September 30, 2021   $ 10,365,806     $ 9,611,026     $ 19,976,832  
Schedule of Intangible Asset
               
             
   

September 30,

2021

   

December 31,

2020

 
Trademarks (a)   $ 129,831     $ 129,831  
Trade Name (b)     3,430,000        
Customer Relations (c)     6,140,000        
Non-Compete (d)     60,000        
Other Intangible Assets (a)     304,028       299,028  
Intangible Assets, Gross     10,063,859       428,859  
Foreign Currency Translation Adjustment     15,353        
Less Accumulated Amortization     (768,912 )     (400,165 )
Intangible Assets, Net   $ 9,310,300     $ 28,694  

 

  (a) Pursuant to ASC 350-30, General Intangibles Other than Goodwill, the Company reviews these intangible assets periodically to determine if the value should be retired or impaired due to recent events. During the three months ended September 30, 2021 and September 30, 2020, the Company recognized, $2,757 and $13,013, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets. During the nine months ended September 30, 2021 and September 30, 2020, the Company recognized, $13,888 and $34,651, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets. 
  (b) Amount represents fair value of the ChizComm and ChizComm Beacon Media Trade Names which have been determined to have an indefinite useful life.
  (c) Amount represents fair value of the ChizComm and ChizComm Beacon Media Customer Relationships with a useful life of 12 years. Amortization expense for the three and nine months ended September 30, 2021 was $128,083 and $341,553, respectively.
  (d) Amount represents fair value of the Non-Compete agreements as part of the ChizComm acquisition. The Non-Compete agreements have a useful life of 3 years. Amortization expense for the three and nine months ended September 30, 2021 was $5,006 and $13,350, respectively.
Expected future intangible asset amortization
       
       
Fiscal Year:      
Remaining 2021   $ 135,725  
2022     542,900  
2023     538,955  
2024     514,703  
Thereafter     4,148,017  
Total   $ 5,880,300