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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS, NET

 

The Company’s intangible assets include a trademark with an indefinite useful life as well as franchise agreements which are amortized over useful lives of thirteen years.

 

A summary of the intangible assets is presented below:

 

Intangible Assets  Trademark   Franchise Agreements   Trademark
Superfit		   Domain Name Superfit   Customer List Superfit   Proprietary Recipes Superfit   Non-Compete Agreement Superfit   Trademark
Pokemoto		   Franchisee License Pokemoto   Proprietary Recipes Pokemoto   Non-Compete Agreement Pokemoto   Total 
Intangible assets, net at December 31, 2020  $2,524,000   $354,278   $-   $-   $-   $-   $-   $-   $-   $-   $-   $2,878,278 
Superfit acquisition   -    -    45,000    125,000    140,000    160,000    260,000    -    -    -    -    730,000 
Pokemoto acquisition   -    -    -    -    -    -    -    175,000    2,775,000    1,130,000    480,000    4,560,000 
Amortization expense   -    (37,777)   (4,658)   (12,938)   (14,491)   (16,561)   (44,836)   (13,321)   (105,620)   (61,427)   (91,397)   (403,026)
Intangible assets, net at September 30, 2021  $2,524,000   $316,501   $40,342   $112,062   $125,509   $143,439   $215,164   $161,679   $2,669,380   $1,068,573   $388,603   $7,765,252 
                                                             
Weighted average remaining amortization period at September 30, 2021 (in years)        6.31    4.48    4.48    4.48    4.48    2.28    4.62    9.62    6.62    1.62      

 

Amortization expense related to intangible assets amounted to $238,017 and $403,023 for the three and nine months ended September 30, 2021, respectively. Amortization expense related to intangible assets amounted to $16,083 and $47,899 for the three and nine months ended September 30, 2020, respectively.