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INTANGIBLES AND GOODWILL

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES AND GOODWILL

7. INTANGIBLES AND GOODWILL

The components of intangibles and goodwill consist of the following:

		December 31,
		2022				2021
Gross Intangibles		$	500,000			$	500,000
Less: amortization of intangibles			(500,000	)			(375,000	)
Intangibles, net		$	—			$	125,000
Goodwill		$	1,784,254			$	1,784,254

The Company acquired WMI 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 of WMI on December 30, 2018, the Company recorded Goodwill of $1,784,254.

Also, as a result of the acquisition, the Company recorded an intangible asset of $500,000 comprised of the value of the customer relationships acquired. The useful life of the intangible asset was four years representing the remaining economic life at the time of acquisition, and is fully amortized as of December 31, 2022. Amortization expense was $125,000 during each of the years ended December 31, 2022 and December 31, 2021.

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- References

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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 https://asc.fasb.org/topic&trid=2144416

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