Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS AND GOODWILL (Tables)

v3.23.3
INTANGIBLE ASSETS AND GOODWILL (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF 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  
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS

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  
SCHEDULE OF GOODWILL

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

 

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