Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 5 – Goodwill and Other Intangible Assets

The Company recorded $17,252 and $260,547 of amortization of intangible assets for the twelve months ended December 31, 2020 and 2019, respectively.

For the twelve months ended December 31, 2019, the Company recorded impairments to the AVV Sublicense, the Trademark License and the Non-Compete Agreements of $2,214,167, $1,182,500 and $67,500, respectively, which, net of accumulated amortization of $847,462 represented 100% of the remaining value of each of these assets, for a total impairment loss of $2,616,705. The assets were written down to zero based upon the determination by the Company that the possibility of generating any future net cash flows from these assets was remote. This loss was recorded to Impairment Loss on the Company’s consolidated statements of operations.

Effective September 1, 2020, the Company and AVV 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 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 December 31, 2020 and 2019.

	December 31, 2020			December 31, 2019
Pro-Tech customer relationships	$	129,680		$	129,680
Pro-Tech trademark		42,840			42,840
Accumulated amortization & impairment		(41,693	)		(24,440	)
Other intangible assets, net	$	130,827		$	148,079