INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

3. INTANGIBLE ASSETS AND GOODWILL

As of September 30, 2022, the Company’s intangible assets consisted of:

Goodwill
Balance at December 31, 2021	$	1,587,634
Loss on currency translation		(119,245	)
Balance at September 30, 2022	$	1,468,389
Indefinite lived intangible assets
Balance at December 31, 2021	$	6,375,492
Loss on currency translation		(478,856	)
Balance at September 30, 2022	$	5,896,636
Definite lived intangible assets
Balance at December 31, 2021	$	548,436
Amortization		(126,563	)
Balance at September 30, 2022	$	421,873

For goodwill, identified indefinite lived assets, and identified definite lived intangible assets, there was no impairment expense during the three and nine months ended September 30, 2022 and 2021. For identified definite lived intangible assets, amortization expense amounted to $42,187 and $170,692 during the three months ended September 30, 2022 and 2021, respectively. For identified definite lived intangible assets, amortization expense amounted to $126,563 and $482,115 during the nine months ended September 30, 2022 and 2021, respectively.

ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company amortizes definite lived intangible assets on a straight-line basis over their estimated useful lives. Amortization expense of identified intangible assets based on the carrying amount as of September 30, 2022 is as follows:

Year ending December 31,
2022 (excluding the nine months ended September 30)	$	42,187
2023		168,750
2024		168,750
2025		42,186
	$	421,873