Intangible Assets, net

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Note 7 - Intangible Assets, net

The Company acquired a customer relationship with a fair value of $50,000 on August 31, 2011, as part of its acquisition of Diamond Bar. Concurrently with its acquisition of Diamond Bar, the Company entered into a trademark purchase and assignment agreement for all rights, title and interest in two trademarks (Diamond Sofa and Diamond Furniture) for $200,000 paid in full at the closing. Amortization of said customer relationship and the trademarks is provided using the straight-line method and estimated lives were 5 years each.

The Company acquired a customer relationship with a fair value of $6,100,559 on April 24, 2013, as part of its acquisition of Bright Swallow. Amortization of said customer relationship is provided using the straight-line method and its estimated life was 15 years.

Intangible assets consisted of the following as of March 31, 2021 and December 31, 2020:

	March 31, 2021			December 31, 2020
Customer relationship	$	50,000		$	50,000
Trademarks		200,000			200,000
Less: accumulated amortization		(250,000	)		(250,000	)
	$	-		$	-

Amortization of intangible assets from continuing operations was $0 for the three months ended March 31, 2021 and 2020. Amortization of intangible assets from discontinued operations was $0 for the three months ended March 31, 2021 and 2020.