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INTANGIBLE ASSET - TRADEMARK
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSET - TRADEMARK

 NOTE 4 - INTANGIBLE ASSET – TRADEMARK

 

 

 

September 30,

2017

 

Trademark -acquired in February 2017

 

$6,090

 

Trademark – acquired in June 2017

 

 

12,429

 

 

 

$18,519

 

 

Trademark acquired in February 2017

 

 

 

September 30,

2017

 

 

December 31,

2016

 

Trademark

 

$6,300

 

 

$-

 

Less: accumulated amortization

 

 

(210)

 

 

-

 

 

 

$6,090

 

 

$-

 

 

In February 2017, the Company issued 10,000 restricted common shares valued at $0.63 for the acquisition of Trademark from an unaffiliated party. (See Note 8) Amortization is computed over 15 years of estimated useful lives of the Trademark on the straight-line basis. For the nine months ended September 30, 2017, amortization expense on trademark was $210. The Company will pay royalty of 20% of the net profits generated from the use of the Trademark in the future.

 

Trademark acquired in June 2017

 

 

 

September 30,

2017

 

 

December 31,

2016

 

Trademark

 

$12,640

 

 

$-

 

Less: accumulated amortization

 

 

(211)

 

 

-

 

 

 

$12,429

 

 

$-

 

 

In June 2017, the Company issued 8,000 restricted common shares valued at $1.58 for the acquisition of Trademark from an unaffiliated party. (See Note 8) Amortization is computed over 15 years of estimated useful lives of the Trademark on the straight-line basis. For the nine months ended September 30, 2017, amortization expense on trademark was $211.The Company will pay royalty of 20% of the net profits generated from the use of the Trademark in the future.