Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL (Tables)

v3.23.2
INTANGIBLE ASSETS AND GOODWILL (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL

Intangible assets, net consists of the following:

 

    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  
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS

As of June 30, 2023, future expected amortization expense of Intangible assets was as follows:

 

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  
SCHEDULE OF GOODWILL

The changes in the carrying amounts of goodwill during the six months ended June 30, 2023 were as follows.

 

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