Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 13 – INTANGIBLE ASSETS AND GOODWILL

Intangible assets, net consists of the following:

	September 30, 2023
	Gross
	Carrying		Accumulated
	Amount		Amortization		Net
Trade names and trademarks	$	26,710,107	$	1,312,608	$	25,397,498
Customer relationships		6,791,000		411,349		6,379,651
Formulas (indefinite life)		135,000		-		135,000
Domain names		75,750		37,384		38,366
Intangible Assets	$	33,711,857	$	1,761,341	$	31,950,516

	December 31, 2022
	Gross
	Carrying		Accumulated
	Amount		Amortization		Net
Formulas (indefinite life)	$	135,000	$	-	$	135,000
Domain names		44,002		599		43,403
Trademark		20,000		-		20,000
Intangible Assets	$	199,002	$	599	$	198,403

For the three and nine months ended September 30, 2023, the Company incurred $1,010,139 and $1,728,995 of amortization expense, respectively. For the three and nine months ended September 30, 2022, the Company incurred zero and $6,013 of amortization expense, respectively.

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

Fiscal Period:
Remainder of 2023	$	582,970
2024		2,331,879
2025		2,331,879
2026		2,331,879
2027		2,331,879
Thereafter		22,040,030
Total amortization remaining	$	31,950,516

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

SCHEDULE OF GOODWILL

Balance at December 31, 2022	$	32,836,563
Acquisition of Soylent		34,375,476
Measurement period adjustments		(9,130,380	)
Balance at September 30, 2023	$	58,081,660

As of September 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 $34,375,476 of goodwill recognized is allocated to the Soylent segment.