| INTANGIBLE ASSETS AND GOODWILL |
NOTE
13 – INTANGIBLE ASSETS AND GOODWILL
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
|
March 31, 2023 |
|
| |
|
Gross |
|
|
|
|
|
|
|
| |
|
Carrying |
|
|
Accumulated |
|
|
|
|
| |
|
Amount |
|
|
Amortization |
|
|
Net |
|
| Trade names and trademarks |
|
$ |
7,122,637 |
|
|
$ |
388,820 |
|
|
$ |
6,733,817 |
|
| Customer relationships |
|
|
2,091,000 |
|
|
|
- |
|
|
|
2,091,000 |
|
| Formulas |
|
|
135,000 |
|
|
|
-
|
|
|
|
135,000 |
|
| Domain names |
|
|
75,750 |
|
|
|
34,025 |
|
|
|
41,725 |
|
| Intangible Assets |
|
$ |
9,424,387 |
|
|
$ |
422,845 |
|
|
$ |
9,001,542 |
|
| |
|
December 31, 2022 |
|
| |
|
Gross |
|
|
|
|
|
|
|
| |
|
Carrying |
|
|
Accumulated |
|
|
|
|
| |
|
Amount |
|
|
Amortization |
|
|
Net |
|
| Formulas |
|
$ |
135,000 |
|
|
$ |
- |
|
|
$ |
135,000 |
|
| Domain names |
|
|
44,002 |
|
|
|
599 |
|
|
|
43,403 |
|
| Trademark |
|
|
20,000 |
|
|
|
-
|
|
|
|
20,000 |
|
| Intangible Assets |
|
$ |
199,002 |
|
|
$ |
599 |
|
|
$ |
198,403 |
|
As
of March 31, 2023, future expected amortization expense of Intangible assets was as follows:
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
Fiscal
Period: |
|
|
|
| Remainder of 2023 |
|
$ |
623,950 |
|
| 2024 |
|
|
625,630 |
|
| 2025 |
|
|
625,630 |
|
| 2026 |
|
|
625,630 |
|
| 2027 |
|
|
625,630 |
|
| Thereafter |
|
|
5,596,841 |
|
| Total amortization remaining |
|
$ |
8,723,311 |
|
The
changes in the carrying amounts of goodwill during the three months ended March 31, 2023 were as follows.
SCHEDULE
OF GOODWILL
| Balance at December 31, 2022 |
|
$ |
32,836,563 |
|
| Acquisition of Soylent |
|
|
58,745,313 |
|
| Measurement period adjustments |
|
|
(9,130,380 |
) |
| Balance at March 31, 2023 |
|
$ |
82,451,496 |
|
As
of March. 31, 2023, $12,089,871 of goodwill recognized is allocated to the STCB segment, $11,616,312 of goodwill recognized is allocated
to the Skylar segment, and $53,242,593 of goodwill recognized is allocated to the Soylent segment.
|