| INTANGIBLE ASSETS AND GOODWILL |
NOTE
13 – INTANGIBLE ASSETS AND GOODWILL
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
|
June 30, 2023 |
|
| |
|
Gross |
|
|
|
|
|
|
|
| |
|
Carrying |
|
|
Accumulated |
|
|
|
|
| |
|
Amount |
|
|
Amortization |
|
|
Net |
|
| Trade names and trademarks |
|
$ |
17,267,904 |
|
|
$ |
1,220,798 |
|
|
$ |
16,047,106 |
|
| Customer relationships |
|
|
2,091,000 |
|
|
|
65,344 |
|
|
|
2,025,656 |
|
| Formulas |
|
|
135,000 |
|
|
|
- |
|
|
|
135,000 |
|
| Domain names |
|
|
75,750 |
|
|
|
35,704 |
|
|
|
40,046 |
|
| Intangible Assets |
|
$ |
19,569,654 |
|
|
$ |
1,321,846 |
|
|
$ |
18,247,808 |
|
| |
|
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 June 30, 2023, future expected amortization expense of Intangible assets was as follows:
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
Fiscal
Period: |
|
|
|
| Remainder of 2023 |
|
$ |
1,346,107 |
|
| 2024 |
|
|
2,625,630 |
|
| 2025 |
|
|
2,625,630 |
|
| 2026 |
|
|
2,625,630 |
|
| 2027 |
|
|
2,625,630 |
|
| Thereafter |
|
|
6,399,181 |
|
| Total amortization remaining |
|
$ |
18,247,808 |
|
The
changes in the carrying amounts of goodwill during the six months ended June 30, 2023 were as follows.
SCHEDULE
OF GOODWILL
| Balance at December 31, 2022 |
|
$ |
32,836,563 |
|
| Acquisition of Soylent |
|
|
48,745,313 |
|
| Measurement period adjustments |
|
|
(9,130,380 |
) |
| Balance at June 30, 2023 |
|
$ |
72,451,496 |
|
As
of June 30, 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 $48,745,313 of goodwill recognized is allocated to the Soylent segment.
|