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7. Goodwill and Intangible Assets, Net (Tables)
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
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