Annual report pursuant to Section 13 and 15(d)

6. Goodwill and Intangible Assets, Net (Tables)

v3.21.1
6. Goodwill and Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Asset

Intangible Assets, Net

 

    December 31, 2020     December 31, 2019  
Trademarks (a)   $ 129,831     $ 129,831  
Other Intangible Assets (a)     299,028       272,528  
Intangible Assets, Gross     428,859       402,359  
Less Accumulated Amortization (b)     (400,165 )     (350,776 )
                 
Intangible Assets, Net   $ 28,694     $ 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 years ended December 31, 2020 and December 31, 2019, the Company recognized, $49,388 and $38,405, 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 December 31, 2020 is as follows:

 

Fiscal Year:        
2021       11,246  
2022       10,528  
2023       6,187  
2024       733  
Total     $ 28,694