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Goodwill and Intangibles | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES |
9. | GOODWILL AND INTANGIBLES
Goodwill consists of approximately $10,419,000 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). As detailed in Note 10 goodwill increased by $395,000. There was no further activity related to goodwill during the nine months ended September 30, 2020. Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition. The gross carrying amount and accumulated amortization of intangible assets were as follows as of September 30, 2020 and December 31, 2019:
|  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Intangible assets subject to amortization |  |  |  |  |  |  |  |
Customer relationships gross carrying amount |  | $ | 14,047,671 |  |  | $ | 14,006,244 |
Less: accumulated amortization |  |  | (473,589 | ) |  |  | - |
Total |  | $ | 13,574,082 |  |  | $ | 14,006,244 |
Intangible assets not subject to amortization |  |  |  |  |  |  |  |
Brands total carrying amount |  | $ | 3,166,756 |  |  | $ | 3,166,756 |
Total Intangibles |  | $ | 16,740,838 |  |  | $ | 17,173,000 |
Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for the nine months ended September 30, 2020 was $429,307. There was no amortization expense related to intangible assets for the nine months ended September 30, 2019. Other fluctuations in the amounts of intangible assets are due to currency translation adjustments. The following is the future estimated amortization expense related to customer relationships:
As of September 30, 2020: |  |  |
2020 |  | $ | 132,057 |
2021 |  |  | 560,378 |
2022 |  |  | 560,378 |
2023 |  |  | 560,378 |
2024 |  |  | 560,378 |
Thereafter |  |  | 11,200,513 |
|  | $ | 13,574,082 |

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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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