XML 26 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
INTANGIBLES AND GOODWILL
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES AND GOODWILL

 

  7. INTANGIBLES AND GOODWILL

               
   December 31, 
   2021   2020 
Gross Intangibles  $500,000   $500,000 
Less: amortization of intangibles   (375,000)   (250,000)
Intangibles, net  $125,000   $250,000 
           
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 Topic 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. 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 was $125,000 during each of the years ended December 31, 2021 and December 31, 2020.