Intangibles and Goodwill

9 Months Ended

Sep. 30, 2022

Intangibles and Goodwill

Intangibles and Goodwill

2. Intangibles and Goodwill

The Company considers all intangibles to be definite-lived assets with lives of 5 to 10 years. Intangibles consisted of the following at September 30, 2022 and December 31, 2021:

	September 30,			December 31,
	2022			2021
CBDS.com website (Cannabis Sativa)	$	13,999		$	13,999
Intellectual Property Rights (PrestoCorp)		240,000			240,000
Patents and Trademarks (KPAL)		1,281,411			1,281,411
Total Intangibles		1,535,410			1,535,410
Less: Accumulated Amortization		(1,338,546	)		(1,214,604	)
Net Intangible Assets	$	196,864		$	320,806

Amortization expense for each of the three and nine months ended September 30, 2022 and 2021 were $39,372 (2021: $42,285) and $123,942 (2021: $126,855), respectively.

Amortization of intangibles through 2027 is:

October 1, 2022 to September 30, 2023	$	151,686
October 1, 2023 to September 30, 2024		40,742
October 1, 2024 to September 30, 2025		932
October 1, 2025 to September 30, 2026		932
October 1, 2026 to September 30, 2027		932

Goodwill in the amount of $3,010,202 was recorded as part of the acquisition of PrestoCorp that occurred on August 1, 2017. Cumulative impairment of the PrestoCorp goodwill totals $1,173,000 as of September 30, 2022 and December 31, 2021. The balance of goodwill at September 30, 2022 and December 31, 2021 was $1,837,202.