Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

5. Goodwill and Other Intangible Assets

The Company recorded $4,313 and $4,662 of amortization of intangible assets for the three months ended September 30, 2020 and 2019, respectively.

The Company recorded $12,939 and $199,308 of amortization of intangible assets for the nine months ended September 30, 2020 and 2019, respectively.

Effective September 1, 2020, the Company and AVV have mutually agreed to terminate the AVV Sublicense Agreement and Trademark License. Since the date of the Transaction Agreement, the Company has not realized any revenue from products or services related to the AVV Sublicense Agreement or Trademark License. Also effective September 1, 2020, the Company and LMCE have agreed to terminate the supply and services agreement dated September 6, 2019 although the Company continues to purchase and utilize the products of LMCE. The Company is evaluating its business strategy in light of the current conditions of the national and global oil and gas markets.

The following table shows intangible assets other than goodwill and related accumulated amortization as of September 30, 2020 and December 31, 2019.

	September 30, 2020			December 31, 2019
Pro-Tech customer relationships		129,680			129,680
Pro-Tech trademark		42,839			42,840
Accumulated amortization and impairment		(37,379	)		(24,441	)
Other intangible assets, net	$	134,140		$	148,079