General form of registration statement for all companies including face-amount certificate companies

7. Intangible Assets, Net (Sept 2019 Note)

v3.19.3
7. Intangible Assets, Net (Sept 2019 Note)
 9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

Note 7 – Intangible Assets, Net

 

The following table presents intangible asset balances at September 30, 2019 and December 31, 2018:

 

    September 30,
2019		     December 31, 
2018		  
Market related intangible assets   $ 50,000     $ –  
Customer relationships     90,000          
Covenants-not-to-compete     5,000       –  
Total cost     145,000       –  
Less accumulated amortization     (16,521 )     –  
Intangible assets, net   $ 128,479     $ –  

 

Amortization expense for the nine months ended September 30, 2019 and 2018 was $16,521 and $0, respectively.

 

At September 30, 2019, the Company allocated and reclassified the intangible assets associated with the acquisition of AVX. As of September 30, 2019, the purchase price allocation is a preliminary and subject to change.

 

The estimated future amortization expense related to intangible assets is as follows:

 

Twelve months ending September 30,      
2020   $ 30,500  
2021     29,146  
2022     28,000  
2023     28,000  
2024     12,833  
Thereafter     –  
    $ 128,479