Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS AND GOODWILL

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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net consisted of the following as of:

 

        December 31,   December 31,
    Estimated Life   2019   2018
             
Trademarks   3.3 – 4.5 years   $ 260,000     $ 260,000  
Website   3 years     —         118,755  
Acquired tradename   10 years     —         365,000  
Acquired proprietary design   5 years     —         80,000  
Acquired developed technology - website   3 years     —         117,500  
Acquired developed technology – Ipad application   3 years     —         117,500  
Accumulated amortization         (209,575 )     (484,635 )
Impairment         —         (460,789 )
        $ 50,425     $ 133,331  

 

        December 31,   December 31,
    Estimated Life   2019   2018
             
  Goodwill     indefinite   $ —       $ 481,947  
  Impairment           —         (481,947 )
            $ —       $ —    

 

Future amortization expense related to intangible assets are approximately as follows:

 

    Total
  2020     $ 37,819  
  2021       12,606  
        $ 50,425  

 

 

Amortization expense was $62,906 and $234,688 for the years ended December 31, 2019 and 2018 and is classified in general and administrative expenses in the accompanying consolidated Statements of Operations. The reason for the impairment charge of $942,736 in the year ended December 31, 2018 is the result of the Company’s determination that cash flows from CCI may not be realized.