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7. Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of 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 |
Schedule of Intangible Asset | 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.
Schedule of expected future ingtangible asset amortization | 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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