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INTANGIBLES AND GOODWILL
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES AND GOODWILL

 

9.INTANGIBLES AND GOODWILL

 

 

         
  December 31, 
  2020  2019 
Intangibles $500,000  $500,000 
Less: amortization of intangibles  (250,000)  (125,000)
        Total intangibles, net $250,000  $375,000 
         
Goodwill $1,784,254  $1,784,254 

 

As discussed in Note 1, the Company completed the WMI Acquisition on December 20, 2018. The acquisition was accounted for as a business combination in accordance with ASC 805. Accordingly, the Company recorded the fair value of the assets and liabilities assumed at the date of acquisition.

 

As a result of the acquisition, the Company recorded Goodwill of $1,784,254 as a result of adjustments to the fair value of the acquired WMI inventory. The Company’s intangible asset is comprised of the value of the customer relationships acquired as part of the WMI Acquisition. The useful life is four years representing the remaining economic life.

 

Amortization expense for the year ended December 31, 2020 and December 31, 2019 was $125,000 and $125,000 respectively.