INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

NOTE 9. INTANGIBLE ASSETS AND GOODWILL

Intangible assets

Intangible assets consisted of the following:

							Estimated
			Accumulated				Life
		Gross	Amortization			Net	(in years)
Tradename	$	1,050,000	$	65,625	$	984,375		10

Estimated amortization expense for the next five years is as follows:

Year ending December 31,	Amount
2021	$	105,000
2022		105,000
2023		105,000
2024		105,000
2025		105,000
Thereafter		459,375
Total	$	984,375

Amortization expense was $65,625 and $0 for the years ended December 31, 2020 and 2019, respectively.

Goodwill

In connection with our acquisition of SevenFive Farm in May 2020, we recorded goodwill of $2,484,200 that is included in our Cultivation Reporting Unit. We have not recognized any impairment as of December 31, 2020.