Acquitision of Assets of Xtereme Fighting Championship, Inc.

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Acquitision of Assets of Xtereme Fighting Championship, Inc.

NOTE 7 – ACQUISITION OF ASSETS OF XTREME FIGHTING CHAMPIONSHIPS, INC.

On May 10, 2020, the Company acquired intellectual property assets of Xtreme Fighting Championships, Inc.  These assets included the video library, marketing and advertising materials, trade names, internet domains and trade secrets.  The Company issued 16,655,002 shares of common stock, valued at $23,150,453, for intellectual property assets.  The following summarizes the intangible assets:

Intangible assets	$   23,150,453
Less accumulated amortization	(578,761)
	$   22,571,692

The estimated remaining useful life is 4.86 years.  Estimated future amortization is as follows:

Year 1	$  4,630,091
Year 2	4,630,091
Year 3	4,630,091
Year 4	4,630,091
Year 5	4,051,328
	$  22,571,692