INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

INTANGIBLE ASSETS

Note 4 - Intangible Assets

NOTE 4 – INTANGIBLE ASSETS

On February 6, 2019, the Company, entered into an Intellectual Property Purchase Agreement (the “Agreement”) with S. Mark Spoone, a Colorado corporation (the “Seller”), to acquire all of Mr. Spoone’s intellectual property associated with Mr. Spoone’s “Good Hemp” hemp-derived CBD-infused line of consumer beverages, for a purchase price consisting of 12,000,000 shares of the Company’s Class A preferred shares for a total value of $12,000. The transaction was completed on February 12, 2019.

On April 30, 2019, the Company acquired from S. Mark Spoone the CANNA HEMP and CANNA trademarks including all rights and trade secrets and related inventory for consideration totaling $32,462.39. At March 31, 2022, the Company had not attributed any value to the acquired trademarks.

On April 1, 2021, the Company entered into an agreement to purchase Diamond Creek Group, LLC, a North Carolina limited liability company which sells the Diamond Creek brand of high alkaline water products, for a total purchase price of $643,000. On April 2, 2021, the Company closed the acquisition and paid the initial $500,000 portion of the purchase price, and on April 23, 2021, paid the $143,000 purchase price balance. The purchase price was allocated as follows:

Purchase Price Allocation	Amount
Acquisition cost	$	643,000
Assets acquired
Cash and cash equivalents		38,635
Accounts receivable		41,611
Property and equipment		97,228
Trademark		100,000
Total assets acquired		277,474
Liabilities assumed
Accounts payable and accrued liabilities		77,998
Note payable		20,000
Total liabilities assumed		97,998
		463,524
Impairment of goodwill		161,309
Goodwill	$	302,215