Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL (Tables)

v3.23.1
INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF 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  
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS

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  
SCHEDULE OF GOODWILL

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