Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSET

v3.19.1
INTANGIBLE ASSET
3 Months Ended
Mar. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]  
INTANGIBLE ASSET

At March 31, 2019 and December 31, 2018, intangible asset consisted of the following:

 

    Useful life     March 31, 2019     December 31. 2018
Farm leases     3 year     $ 2,930,000     $ -
Hemp operating license     1 year       10,000       -
               2,940,000       -
                 
                 
Less: accumulated amortization             (52,688     -
          $ 2,887,312     $ -

 

For the three months ended March 31, 2019, amortization of intangible assets amounted to $52,688. Amortization of intangible assets attributable to future periods is as follows:

 

Year ending December 31:   Amount  
2019   $ 735,000  
2020     980,000  
2021     980,000  
2022     192,312  
     2,887,312