Annual report pursuant to Section 13 and 15(d)

Intangible Asset

v3.22.1
Intangible Asset
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset

Note 7 – Intangible Asset

As of December 31, 2021 and 2020, intangible assets consisting of the acquired brand assets of Kalahari had a balance of $4,604,359 and $4,962,834 respectively. As of December 31, 2021, management estimated that the remaining useful life of the Company's intangible asset was approximately 19 years.

 

The estimated future amortization of intangibles subject to amortization at December 31, 2021 was as follows:

 

5 Year Schedule

 

 

 

 

 

 

 

2022

 

$

242,335

 

2023

 

 

242,335

 

2024

 

 

242,335

 

2025

 

 

242,335

 

2026

 

 

242,335

 

Thereafter

 

 

3,392,686

 

 

 

 

 

Total remaining amortization

 

$

4,604,359

 

 

Amortization expense for the year ended December 31, 2021 was $245,238. There was no amortization in 2020.