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7. Goodwill and Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | Note 7: Goodwill and Intangible Assets, Net Goodwill In 2013, the Company recognized $10,365,806 in Goodwill, representing the excess of the fair value of the consideration for the Merger over net identifiable assets acquired. Pursuant to FASB ASC 350-20, Goodwill is not subject to amortization but is subject to annual review to determine if certain events warrant impairment to the Goodwill asset. As a result of the ChizComm acquisition, the consideration exceeded the fair value of the assets acquired by $9,607,027. Accordingly, this amount was recorded as Goodwill at the time of the acquisition. Through March 31, 2021, the Company has not recognized any impairment to Goodwill. The following table represents details of our goodwill balance:
|  | Total |
Goodwill as of December 31, 2020 |  | $ | 10,365,806 |
Acquisition of ChizComm Entities |  |  | 9,607,027 |
Goodwill as of March 31, 2021 |  | $ | 19,972,833 |
Intangible Assets, Net The Company had the following intangible assets as of March 31, 2021, and December 31, 2020:
|  | March 31, 2021 |  |  | December 31, 2020 |
Trademarks (a) |  | $ | 129,831 |  |  | $ | 129,831 |
Trade Name (b) |  |  | 3,430,000 |  |  |  | – |
Customer Relations (c) |  |  | 6,140,000 |  |  |  | – |
Non-Compete (d) |  |  | 60,000 |  |  |  | – |
Other Intangible Assets (a) |  |  | 299,028 |  |  |  | 299,028 |
Intangible Assets, Gross |  |  | 10,058,859 |  |  |  | 428,859 |
Less Accumulated Amortization (e) |  |  | (491,687 | ) |  |  | (400,165 | )
Intangible Assets, Net |  | $ | 9,567,172 |  |  | $ | 28,694 |
| (a) | Pursuant to FASB ASC 350-30-35, the Company reviews these intangible assets periodically to determine if the value should be retired or impaired due to recent events.
| (b) | Amount represents fair value of the ChizComm and ChizComm Beacon Media trade names which have determined to have an indefinite useful life.
| (c) | Amount represents fair value of the ChizComm and ChizComm Beacon Media customer relationships with a useful life of 12 years. Amortization expense for the three months ended March 31, 2021 was $85,333.
| (d) | Amount represents fair value of the Non-compete agreements as part of the ChizComm acquisition. The non-compete agreements have a useful life of 3 years. Amortization expense for the three months ended March 31, 2021 was $3,333.
| (e) | During the three months ended March 31, 2021 and March 31, 2020, the Company recognized, $2,855 and $10,791, respectively, in amortization expense related to the Trademarks, Product Masters, and Other Intangible Assets.
Expected future intangible asset amortization as of March 31, 2021 is as follows:
Fiscal Year: |  |  |
2021 |  | $ | 407,391 |
2022 |  |  | 542,528 |
2023 |  |  | 538,187 |
2024 |  |  | 514,400 |
Thereafter |  |  | 4,134,666 |
Total |  | $ | 6,137,172 |

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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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