Intangible Assets |
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
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| Intangible Assets | Note 6 – Intangible Assets
Intangibles
In accordance with FASB ASC 350, “Intangibles-Goodwill and Other”, the Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The US and Europe trademarks were acquired for $40,000 and $50,000, respectively, for the year ended December 31, 2018. Trademarks are initially measured based on their fair value and amortized by 10 and 25 years.
Acquisition intangible assets arising out of the acquisition of Hempirical Genetics, LLC. That should, in accordance with GAAP, be classified as intangibles, include goodwill.
On June 30, 2026 and December 31, 2025, intangibles consists of the following:
Amortization expense totaled $1,300 and $1,300 for the six months ended June 30, 2026 and 2025, respectively. |
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