Annual report pursuant to Section 13 and 15(d)

8. Intangible Assets, net

v3.20.1
8. Intangible Assets, net
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net

Note 8 – Intangible Assets, Net

 

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

 

    December 31,
2019		     December 31,
2018		  
Market related intangible assets   $ 57,000     $ –  
Total cost     57,000       –  
Less accumulated amortization     (9,025 )     –  
Intangible assets, net of amortization     47,975       –  
Impairment loss     (47,975 )     –  
Intangible assets, net   $ –     $ –  

 

Amortization expense for the years ended December 31, 2019 and 2018 was $9,025 and $0, respectively. At December 31, 2019, the Company determined that the intangible assets associated with the acquisition of certain AVX assets was impaired and took a charge to earnings of $47,975.