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Intangible Assets and Goodwill | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | NOTE 8 – INTANGIBLE ASSETS AND GOODWILL Intangible assets
|  | As of |  |  | As of |
|  | December 31, 2019 |  |  | December 31, 2018 |
Trademarks |  | $ | 7,217 |  |  | $ | 7,254 |
Customer Lists |  |  | 344,500 |  |  |  | 344,500 |
Insurance agency license |  |  | 129,032 |  |  |  | - |
|  |  | 480,749 |  |  |  | 351,754 |
Less: Accumulated amortization |  |  | (389,737 | ) |  |  | (294,612 | )
Total |  | $ | 91,012 |  |  | $ | 57,142 |
Intangible assets at December 31, 2019 totaled $480,749 and included $344,500 of customer lists acquired in 2015 from Ace Corporation Services (“Ace”, renamed Falcon Corporate Services Limited), and $129,032 of an insurance agency license acquired on January 2, 2019 from Sparkle Insurance Brokers Limited (see Note 3). At December 31, 2019, the Company’s management conducted its annual impairment test and concluded that it is more likely than not that the estimated fair value of the customer list from Ace and the estimated fair value of the license from Sparkle were more than their respective carrying amounts, and no impairment losses were indicated or recorded. At December 31, 2018, the Company’s management determined that a customer list acquired from Falcon Secretaries Limited (“Falcon”) in 2015 for $105,000 was impaired, and an impairment charge of $105,000 was recorded. Amortization expense for intangible assets for the years ended December 31, 2019 and 2018 was $95,136 and $90,581, respectively. Amortization for each year following December 31, 2019 are as follows:
Year ending December 31: |  |  |
2020 |  | $ | 87,661 |
2021 |  |  | 720 |
2022 and thereafter |  |  | 2,631 |
Total |  | $ | 91,012 |
Goodwill At December 31, 2019, goodwill totaled $319,726 and was recorded from the Company’s acquisition of Ace in 2015. Goodwill is not amortized but tested for impairment annually. At December 31, 2019, the Company’s management conducted its annual impairment test and concluded that it is more likely than not that the estimated fair value of Ace was more than its carrying value, and no impairment of goodwill was indicated or recorded. At December 31, 2018, the Company’s management conducted its annual impairment test and concluded that the estimated fair value of Falcon was below its carrying value, and an impairment charge of $892,137 to goodwill was recorded.

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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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