INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

3. INTANGIBLE ASSETS AND GOODWILL

As of March 31, 2022, the Company’s intangible assets consisted of:

Goodwill
Balance at December 31, 2021	$	1,587,634
Gain on currency translation		23,146
Balance at March 31, 2022	$	1,610,780
Indefinite lived intangible assets
Balance at December 31, 2021	$	6,375,492
Gain on currency translation		92,948
Balance at March 31, 2022	$	6,468,440
Definite lived intangible assets
Balance at December 31, 2021	$	548,436
Amortization		(42,188	)
Balance at March 31, 2022	$	506,248

For goodwill, identified indefinite lived assets, and identified definite lived intangible assets, there was no impairment expense during the three months ended March 31, 2022 and 2021. For identified definite lived intangible assets, amortization expense amounted to $42,188 and $136,640 during the three months ended March 31, 2022 and 2021, respectively.

The Company amortizes definite lived intangible assets on a straight-line basis over their estimated useful lives. Amortization expense of identified intangible assets based on the carrying amount as of March 31, 2022 is as follows:

Year ending December 31,
2022 (excluding the three months ended March 31)	$	126,563
2023		168,750
2024		168,750
2025		42,185
	$	506,248