INTANGIBLES AND GOODWILL

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES AND GOODWILL

9. INTANGIBLES AND GOODWILL

	December 31,
	2019			2018 (restated)
Intangibles	$	500,000		$	0
Less: amortization of intangibles		(125,000	)		(0	)
Total Intangibles, net	$	375,000		$	0
Goodwill	$	1,784,254		$	0

As discussed in Note 1, the Company completed the WMI Acquisition on December 20, 2018. The acquisition was accounted for as a business combination in accordance with ASC Topic 805. Accordingly, the Company recorded the fair value of the assets and liabilities assumed at the date of acquisition.

As a result of the acquisition, the Company recorded Goodwill of $1,784,254 as a result of adjustments to the fair value of the acquired WMI inventory. The Company’s intangible asset is comprised of the value of the customer relationships acquired as part of the WMI Acquisition. The useful life is four years representing the remaining economic life.

Amortization expense for the year ended December 31, 2019 was $125,000.