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Intangible Assets
12 Months Ended
Dec. 31, 2019
Intangible Assets, Net (Including Goodwill) [Abstract]  
Intangible Assets

In accordance with FASB ASC 350, “Intangibles-Goodwill and Other”, the Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The US and Europe trademarks were acquired for $40,000 and $50,000, respectively, for the year ended December 31, 2018. Trademarks are initially measured based on their fair value and amortized by 10 and 25 years.

 

Amortization expense totaled $2,600 and $1,483 for the years ended December 31, 2019 and 2018, respectively.