INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

NOTE 4. INTANGIBLE ASSETS AND GOODWILL

The Company performs an annual impairment test at the reporting unit level as of December 31 of each fiscal year. As of December 31, 2022, the Company’s goodwill and intangible assets were fully impaired, and thus no annual impairment test was necessary as of December 31, 2023. The following table provides the Company’s goodwill, indefinite and definite lives intangible assets as of December 31, 2023 and 2022.

As of December 31, 2022, the Company’s goodwill consisted of:

	Goodwill		Accumulated Impairment Losses			Currency Translation			Total
Balance at January 1, 2022	$	9,834,855	$	(8,225,862	)	$	(21,359	)	$	1,587,634
Impairment losses		—		(1,486,060	)		—			(1,486,060	)
Loss on currency translation		—		—			(101,574	)		(101,574	)
Balance at December 31, 2022		9,834,855		(9,711,922	)		(122,933	)		—

As of December 31, 2022, the Company’s indefinite lived intangible assets consisted of:

Indefinite lived intangible assets
Balance at January 1, 2022	$	6,375,492
Impairment losses		(5,967,602	)
Loss on currency translation		(407,890	)
Balance at December 31, 2022	$	—

As of December 31, 2023 and 2022, the definite lived intangible assets consisted of:        

Definite lived intangible assets
Balance at January 1, 2022	$	548,436
Amortization		(168,750	)
Balance at December 31, 2022	$	379,686
Amortization		(168,754	)
Balance at December 31, 2023	$	210,932

For identified definite lived intangible assets, amortization expense amounted to $168,754 and $168,750 during the years ended December 31, 2023 and 2022, respectively.

ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 December 31, 2023 is as follows:

Year ending December 31,
2024	$	168,750
2025		42,182
	$	210,932