GOODWILL AND OTHER INTANGIBLE ASSETS |
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| GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS As of September 30, 2021, and December 31, 2020, the balance of goodwill was $1,970,321 and $583,086, respectively. On April 27, 2021, the EON Media Group acquisition value of goodwill was $5,829,722. The Company recorded $719,688 as goodwill for tax benefits from the Spkr acquisition and the EON Media Group acquisition as of September 30, 2021. Post-acquisition adjustments were $74,937. The Company charged $4,442,487 to EON Media Group goodwill impairment for the nine months ended September 30, 2021. The Company also charged $719,688 to goodwill impairment for the tax benefits from the Spkr acquisition and the EON Media Group acquisition as of September 30, 2021. See Note 3 for details on the EON business acquisition. The Company’s other intangible assets, each definite lived assets, consisted of the following as of September 30, 2021, and December 31, 2020:
In April 2021, the Company acquired EON in a step business acquisition (see Note 3)’ and the associated EON brand name intangible valued at $2,300,000 with a useful life of 20 years. In October 2020, the Company acquired from Spkr Inc. assets that consisted of single asset acquisition of $2,671,233 in technology with a useful life of 2 years. Amortization expense charged to operations amounted to $1,109,834 and $500,523, respectively, for the nine months ended September 30, 2021, and the twelve months ended December 31, 2020. The Spkr Inc. technology intangible and the Eon brand name intangible remaining net amortizable value was charged to impairment for $1,405,142 and $2,251,513, respectively, during the nine months ended September 30, 2021. For the year ended December 31, 2020, the Company recorded an impairment of $130,000 on brand name. Annual amortization expense for the next five years and thereafter is estimated to be $112,444, $112,444, $112,444, $112,444, $112,444, and $140,556, respectively. The weighted average life of the intangible assets subject to amortization is 6.2 on September 30, 2021. |
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