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Goodwill and Intangible Assets, Net (Tables)
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

Intangible Assets, net is comprised of the following:

 

 

June 30,
2022

 

 

December 31,
2021

 

Trade names (10 years)

 

$

2,190,083

 

 

$

2,530,000

 

Customer relationships (10 years)

 

 

371,898

 

 

 

1,990,000

 

Recipes (10 years)

 

 

330,000

 

 

 

330,000

 

Social media agreements (3 years)

 

 

80,000

 

 

 

80,000

 

Software (3-15 years)

 

 

345,067

 

 

 

188,662

 

Amortizable intangible assets

 

 

3,317,048

 

 

 

5,118,662

 

Accumulated amortization

 

 

(239,112

)

 

 

(411,908

)

Amortizable intangible assets, net

 

 

3,077,936

 

 

 

4,706,754

 

Licensing agreements (indefinite)

 

 

132,100

 

 

 

132,100

 

Total Intangible assets, net

 

$

3,210,036

 

 

$

4,838,854

 

Summary of Future Amortization Expense of the Intangible Assets The estimated amortization expense for each of the next five years and thereafter is as follows:

2022 (excluding the six months ended June 30, 2022)

 

$

208,264

 

2023

 

 

415,746

 

2024

 

 

359,875

 

2025

 

 

306,502

 

2026

 

 

296,407

 

Thereafter

 

 

1,491,142

 

 

 

$

3,077,936