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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES |
9. | GOODWILL AND INTANGIBLES
Goodwill consists of approximately $10,023,806 resulting from the excess of the consideration paid and the fair value of net tangible and intangible assets acquired from the Func Food Acquisition (see note 10). There was no other activity related to goodwill during the years ended December 31, 2019 or 2018. Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition, amounting to approximately $14,050,000 and $3,123,000, respectively. Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. The following is the future estimated amortization expense related to customer relationships as of December 31, 2019:
Year ending December 31, |  |  |
2020 |  | $ | 562,000 |
2021 |  |  | 562,000 |
2022 |  |  | 562,000 |
2023 |  |  | 562,000 |
2024 |  |  | 562,000 |
Thereafter |  |  | 11,240,000 |
|  | $ | 14,050,000 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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