GOODWILL AND INTANGIBLES

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

9. GOODWILL AND INTANGIBLES

Goodwill consists of $14,851,635 resulting from the excess of the consideration paid and the fair value of net tangible and intangible assets acquired from the Func Food Acquisition, including an immaterial correction further detailed in Note 2 above.

Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition. The following table reflects our indefinite-lived intangible assets and our definite-lived intangible assets and related accumulated amortization as of September 30, 2021 and December 31, 2020, respectively:

	September 30,			December 31,
	2021			2020
Definite-lived intangible assets
Customer relationships	$	14,525,741		$	14,050,000
Less: accumulated amortization		(978,275	)		(582,917	)
Definite-lived intangible assets, net	$	13,547,466		$	13,467,083
Indefinite-lived intangible assets
Brands	$	3,264,296		$	3,123,000
Total Intangibles	$	16,811,762		$	16,590,083

Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for the nine months ended September 30, 2021 and 2020 was approximately $445,000 and $429,000, respectively is being reflected in the general and administrative expenses.

Other fluctuations in the amounts of goodwill and intangible assets are due to currency translation adjustments.

The following is the future estimated annualized amortization expense related to customer relationships:

As of September 30, 2021:
2021	$	117,000
2022		562,000
2023		562,000
2024		562,000
2025		562,000
Thereafter		11,182,466
Total	$	13,547,466