| Schedule of Goodwill |
| Schedule of Goodwill |
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Content Production & Distribution |
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Media & Advertising Services |
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Total |
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| Goodwill as of December 31, 2020 |
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$ |
10,365,806 |
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|
$ |
– |
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|
$ |
10,365,806 |
|
| Acquisition of ChizComm Entities |
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|
– |
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|
|
9,607,027 |
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|
|
9,607,027 |
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| Foreign Currency Translation Adjustment |
|
|
– |
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|
|
3,999 |
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|
|
3,999 |
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| Goodwill as of September 30, 2021 |
|
$ |
10,365,806 |
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|
$ |
9,611,026 |
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$ |
19,976,832 |
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| Schedule of Intangible Asset |
| Schedule of Intangible Asset |
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September 30, 2021
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December 31, 2020
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| Trademarks (a) |
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$ |
129,831 |
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$ |
129,831 |
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| Trade Name (b) |
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3,430,000 |
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– |
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| Customer Relations (c) |
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|
6,140,000 |
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– |
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| Non-Compete (d) |
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|
60,000 |
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– |
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| Other Intangible Assets (a) |
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|
304,028 |
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299,028 |
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| Intangible Assets, Gross |
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|
10,063,859 |
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|
|
428,859 |
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| Foreign Currency Translation Adjustment |
|
|
15,353 |
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– |
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| Less Accumulated Amortization |
|
|
(768,912 |
) |
|
|
(400,165 |
) |
| Intangible Assets, Net |
|
$ |
9,310,300 |
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|
$ |
28,694 |
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(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. |
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(b) |
Amount represents fair value of the ChizComm and ChizComm Beacon Media Trade Names which have been determined to have an indefinite useful life. |
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(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. |
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(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. |
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