Quarterly report pursuant to Section 13 or 15(d)

5. Goodwill and Intangible Assets, Net

v3.19.1
5. Goodwill and Intangible Assets, Net
 3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net

Note 5: Goodwill and Intangible Assets, Net

 

Goodwill

 

In 2013, the Company recognized $10,365,806 in Goodwill, representing the excess of the fair value of the consideration for the Merger 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 March 31, 2019, the Company has not recognized any impairment to Goodwill.

 

Intangible Assets, Net

 

The Company had the following intangible assets as of March 31, 2019, and December 31, 2018:

 

    March 31, 2019     December 31, 2018  
Trademarks (a)   $ 129,831     $ 129,831  
Product Masters (a)     64,676       64,676  
Other Intangible Assets (a)     272,528       272,529  
Intangible Assets, Gross     467,035       467,036  
Less Accumulated Amortization (b)     (386,820 )     (377,048 )
Intangible Assets, Net   $ 80,215     $ 89,988  

  

  (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 March 31, 2019, the Company has not recognized any impairment expense related to these assets.
  (b) During the three months ended March 31, 2019 and March 31, 2018, the Company recognized $9,773 and $12,999, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets.

 

Expected future intangible asset amortization as of March 31, 2019 is as follows:

 

Fiscal Year:        
2020   $ 28,632  
2021     37,835  
2022     9,698  
2023     1,861  
2024     1,465  
Remaining     734  
Total   $ 80,215