GOODWILL & INTANGIBLE ASSETS
|3 Months Ended|
Mar. 31, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL & INTANGIBLE ASSETS||
NOTE 6 – GOODWILL & INTANGIBLE ASSETS
The Company recorded goodwill in conjunction with the initial acquisition of Impact Engineering, Inc. (“Impact”) on March 7, 2019 and the 2WR Entities on July 30, 2021. The goodwill balance as of March 31, 2022 and December 31, 2021 is $7,992,121. Goodwill is not amortized. There is no goodwill for income tax purposes. The Company did not record any impairment charges related to goodwill for the periods ended March 31, 2022 and 2021.
Intangible Assets Other Than Goodwill
Intangible assets as of March 31, 2022 and December 31, 2021 consisted of the following:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS
The estimated future amortization expense for intangible assets subject to amortization as of March 31, 2022, is summarized below:
SCHEDULE OF FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
Amortization expense for intangible assets for the three months ended March 31, 2022 and 2021 was $162,500 and $168, respectively.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef