6. Goodwill and Intangible Assets, Net
|12 Months Ended|
Dec. 31, 2019
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangible Assets, Net||
Note 6: Goodwill and Intangible Assets, Net
In 2013, the Company recognized $10,365,805 in Goodwill, representing the excess of the fair value of the consideration over net identifiable assets acquired. Pursuant to FASB ASC 350-20, Goodwill is not subject to amortization but is subject to annual review to determine if certain events warrant impairment to the Goodwill asset. Through December 31, 2019, the Company has not recognized any impairment to Goodwill.
Intangible Assets, Net
The Company had the following intangible assets as of December 31, 2019 and 2018:
(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 years ended December 31, 2019 and December 31, 2018, the Company recognized, $38,405 and $47,650, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets. Additionally, the Company has removed $64,676 of asset and accumulated depreciation of Product Masters.
Expected future intangible asset amortization as of December 31, 2019 is as follows:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef