INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

Intangible assets as of December 31, 2022 and 2021 consist of the following:

	December 31,			December 31,
	2022			2021
Intangible assets subject to amortization
Customer Relationship (Note 2)	$	1,655,598		$	7,323,000
Trade Names		2,208,530			2,396,000
Patents		1,730,771			1,730,089
Technology and Know How		8,341,000			8,341,000
		13,935,899			19,790,089
Less: Accumulated Amortization		(2,581,469	)		(813,533	)
	$	11,354,430		$	18,976,556

As described in Note 2 of the financial statements, a quantitative impairment test on the goodwill and intangible assets determined that the fair value was below the carrying value and as a result the Company recorded a full goodwill impairment charge of $1,138,203 in the first quarter of 2022. Subsequently, as of December 31, 2022, we evaluated potential triggering events that might be indicators that our definite lived intangibles were impaired. We saw a significant decrease in the number of orders and demand of certain product lines within our disinfectant business segment. As a result of our assessment, the Company recorded an additional impairment on trade name and customer relationship intangible assets of $187,470 and $5,667,402, respectively, in the Consolidated Statements of Operations during the year ended December 31, 2022.

During the years ended December 31, 2022 and 2021, the Company recorded total amortization expense related to intangible assets of $1,767,936 and $808,967, respectively. The useful lives of tradenames ranges from 5 to 10 years, technology is 10 years, customer relationships ranges from 7 to 14 years, and patents range from 17 to 20 years.

Future amortization of intangible assets is as follows:

For the years ending December 31,
2023	$	1,256,948
2024		1,256,948
2025		1,256,948
2026		1,242,192
2027		1,197,925
Thereafter		5,143,468
Total	$	11,354,430