Goodwill and Indefinite Lived Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite Lived Intangible Assets

7. Goodwill and Indefinite Lived Intangible Assets

Goodwill
Balance as of December 31, 2018	$	2,534,275
Additions		-
Impairment		-
Balance as of December 31, 2019 and September 30, 2020	$	2,534,275
Indefinite Lived Intangible Assets
Balance as of December 31, 2018	$	770,000
Additions		-
Impairment		-
Balance as of December 31, 2019 and September 30, 2020	$	770,000

Indefinite lived intangible assets consist of trade secrets and trademarks related to the acquisition of EnP Investments LLC.

Definite Life Intangible Assets
Balance as of December 31, 2018	$	2,358,000
Amortization		(176,000	)
Balance as of December 31, 2019		2,182,000
Amortization		(132,000	)
Balance as of September 30, 2020	$	2,050,000

Definite life intangible assets consists of customer relationships related to the acquisition of EnP Investments LLC. Customer relationships are amortized over their estimated useful life of 15 years.

Estimated amortization expense over the next five years is as follows:

2020	$	176,000
2021		176,000
2022		160,000
2023		160,000
2024		160,000