8. Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 8. GOODWILL AND INTANGIBLE ASSETS

As of September 30, 2019 and December 31, 2018, the Company had $6,247,875 in goodwill and $1,831,040 in intangible assets, compared to $6,065,014 and $1,871,000 respectively. The goodwill and intangible assets arose as a result of the acquisition of AMS. Based on a valuation study performed on the acquisition, the Company determined that the marijuana license in process at AMS had a value of $1,871,000 which will be amortized over a fifteen-year period or approximately $124,733 per year.

The Company has recorded amortization expense of $96,009 and $-0- respectively, for the periods ended September 30, 2019, and December 31, 2018.