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 | |
|