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GOODWILL AND INTANGIBLES | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES |
9. | GOODWILL AND INTANGIBLES
Goodwill consists of $14,851,635 resulting from the excess of the consideration paid and the fair value of net tangible and intangible assets acquired from the Func Food Acquisition, including an immaterial correction further detailed in Note 2 above. Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition. The following table reflects our indefinite-lived intangible assets and our definite-lived intangible assets and related accumulated amortization as of September 30, 2021 and December 31, 2020, respectively:
Schedule of accumulated amortization of intangible assets |  |  |  |  |  |
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Definite-lived intangible assets |  |  |  |  |  |  |  |
Customer relationships |  | $ | 14,525,741 |  |  | $ | 14,050,000 |
Less: accumulated amortization |  |  | (978,275 | ) |  |  | (582,917 | )
Definite-lived intangible assets, net |  | $ | 13,547,466 |  |  | $ | 13,467,083 |
Indefinite-lived intangible assets |  |  |  |  |  |  |  |
Brands |  | $ | 3,264,296 |  |  | $ | 3,123,000 |
Total Intangibles |  | $ | 16,811,762 |  |  | $ | 16,590,083 |
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, 2021 and 2020 was approximately $445,000 and $429,000, respectively is being reflected in the general and administrative expenses. Other fluctuations in the amounts of goodwill and intangible assets are due to currency translation adjustments. The following is the future estimated annualized amortization expense related to customer relationships:
Schedule future estimated amortization expense |  |  |  |
As of September 30, 2021: |  |  |
2021 |  | $ | 117,000 |
2022 |  |  | 562,000 |
2023 |  |  | 562,000 |
2024 |  |  | 562,000 |
2025 |  |  | 562,000 |
Thereafter |  |  | 11,182,466 |
Total | Total |  | $ | 13,547,466

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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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