Quarterly report pursuant to Section 13 or 15(d)

5. Intangible Asset

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5. Intangible Asset
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset

5. Intangible Asset

 

Intangible assets as of March 31, 2021 and December 31, 2020 were comprised of the following:

 

    March 31,
2021
    December 31,
2020
 
Licenses   $ 88,745,700     $ 1,667,000  
Tradename     4,270,000       350,000  
Customer relationships     5,150,000       1,055,000  
Non-compete     1,130,000       120,000  
Product license and registration     57,300       57,300  
Trade secret – intellectual property     32,500       32,500  
    $ 99,385,500     $ 3,282,500  
Less: accumulated amortization     (1,796,386 )     (200,456 )
Total intangible assets, net of amortization   $ 97,589,114     $ 3,082,044  

 

Amortization expense for the three months ended March 31, 2021 and 2020 was $1,595,931 and $1,648, respectively.