Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSET

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INTANGIBLE ASSET
6 Months Ended
Jun. 30, 2020
Finite-Lived Intangible Assets, Net [Abstract]  
INTANGIBLE ASSET

At June 30, 2020 and December 31, 2019, intangible asset consisted of the following:

    Useful life   June 30, 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  
Total         2,940,000       3,226,029  
Less: Accumulated amortization         (1,283,106 )     (828,526)  
Less: Impairment expense         -       (250,192)  
        $ 1,656,894     $ 2,147,311  

 

For the six months ended June 30, 2020, amortization of intangible assets amounted to $490,417 and $299,355, respectively. For the three months ended June 30, 2020, amortization of intangible assets amounted to $244,167 and $246,667, respectively. During fiscal 2019, the Company fully impaired the intangible assets related to the Green Goddess and Levor brands. As of June 30, 2020, the Company offset fully amortized intangible assets of $35,937 against accumulated amortization.

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

Year ending December 31:   Amount  
2020 (remainder)   $ 488,333  
2021     976,667  
2022     191,894  
    $ 1,656,894