Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSET

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INTANGIBLE ASSET
3 Months Ended
Mar. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]  
INTANGIBLE ASSET

At March 31, 2020 and December 31, 2019, intangible asset consisted of the following:

 

 

 

Useful life

  March 31, 2020         December 31, 2019      
      (Unaudited)            
Farm leases - EOW 3 year   $ 2,930,000     $ 2,930,000  
Hemp operating license - EOW 1 year     10,000       10,000  
Trademark – Green Goddess 3 year     -       3,500  
Customer list – Green Goddess 3 year     -       212,529  
Brand - Levor 3 year     -       70,000  
      2,940,000       3,226,029  
Less: accumulated amortization       (1,038,939 )     (828,526 )
Less: impairment expense       -       (250,192 )
    $ 1,901,061     $ 2,147,311  

 

For the three months ended March 31, 2020, amortization of intangible assets amounted to $246,250 and $52,688, respectively. During fiscal 2019, the Company fully impaired the intangible assets related to the Green Goddess and Levor brands.

 

Amortization of intangible assets attributable to future periods is as follows:

 

Year ending December 31:   Amount      
2020 (remainder)   $ 732,500  
2021     976,667  
2022     191,894  
    $ 1,901,061