| Schedule of Goodwill |
The
following table represents details of our goodwill balance:
| |
|
Total |
|
| Goodwill as of
December 31, 2020 |
|
$ |
10,365,806 |
|
| Acquisition
of ChizComm Entities |
|
|
9,607,027 |
|
| Goodwill
as of March 31, 2021 |
|
$ |
19,972,833 |
|
|
| Schedule of Intangible Asset |
The Company had the following intangible assets
as of March 31, 2021, and December 31, 2020:
| |
|
March 31, 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) |
|
|
299,028 |
|
|
|
299,028 |
|
| Intangible Assets, Gross |
|
|
10,058,859 |
|
|
|
428,859 |
|
| Less Accumulated Amortization (e) |
|
|
(491,687 |
) |
|
|
(400,165 |
) |
| |
|
|
|
|
|
|
|
|
| Intangible Assets, Net |
|
$ |
9,567,172 |
|
|
$ |
28,694 |
|
|
(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. |
|
(b) |
Amount represents fair value of the ChizComm and ChizComm Beacon Media trade names which have 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 months ended March 31, 2021 was $85,333. |
|
(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 months ended March 31, 2021 was $3,333. |
|
(e) |
During the three months ended March 31, 2021 and March 31, 2020, the Company recognized, $2,855 and $10,791,
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, 2021
is as follows:
| Fiscal Year: |
|
|
|
| 2021 |
|
$ |
407,391 |
|
| 2022 |
|
|
542,528 |
|
| 2023 |
|
|
538,187 |
|
| 2024 |
|
|
514,400 |
|
| Thereafter |
|
|
4,134,666 |
|
| Total |
|
$ |
6,137,172 |
|
|