Quarterly report pursuant to Section 13 or 15(d)

Intangible Asset

v3.21.2
Intangible Asset
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset

Note 6 – Intangible Asset

As of September 30, 2021 and December 31, 2020, intangible assets had a balance of $4,664,942 and $4,962,834 respectively. As of September 30, 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 September 30, 2021 was as follows:

 

5 Year Schedule

 

 

 

 

 

 

 

2021 (for the remainder of)

 

$

60,584

 

2022

 

 

242,480

 

2023

 

 

242,480

 

2024

 

 

242,480

 

2025

 

 

242,480

 

Thereafter

 

 

3,634,438

 

 

 

 

 

Total remaining amortization

 

$

4,664,942

 

 

Amortization expense for the nine months ended September 30, 2021 and 2020, was $184,654 and $0 respectively. Amortization expense for the three months ended September 30, 2021 and 2020, was $60,584 and $0 respectively.