Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Note 6. Goodwill and Intangible Assets, Net

The following table sets forth the changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2022 and 2021.

Schedule of Goodwill

The following table sets forth the components of the Company’s intangible assets at December 31, 2022:

Schedule of Intangible Assets

	Amortization Period (Years)		Cost		Accumulated Amortization and Impairment			Net Book Value

Intangible Assets Subject to amortization
Trademarks – Coastal Pride		14	$	850,000	$	(850,000	)	$	-
Trademarks – TOBC		15		406,150		(406,150	)		-
Customer Relationships – Coastal Pride		12		1,486,832		(1,486,832	)		-
Customer Relationships – TOBC		15		592,979		(592,979	)		-
Non-Compete Agreements – Coastal Pride		3		40,000		(40,000	)		-
Non-Compete Agreements – TOBC		4		121,845		(121,845	)		-
Total			$	3,497,806	$	(3,497,806	)	$	-

The following table sets forth the components of the Company’s intangible assets at December 31, 2021:

	Amortization Period (Years)		Cost		Accumulated Amortization and Impairment			Net Book Value

Intangible Assets Subject to amortization
Trademarks – Coastal Pride		14	$	850,000	$	(118,050	)	$	731,950
Trademarks – TOBC		15		406,150		(13,027	)		393,123
Customer Relationships – Coastal Pride		12		1,250,000		(574,625	)		675,375
Customer Relationships – TOBC		15		1,454,017		(46,634	)		1,407,383
Non-Compete Agreements – Coastal Pride		3		40,000		(20,825	)		19,175
Non-Compete Agreements – TOBC		4		97,476		(11,724	)		85,752
Total			$	4,097,643	$	(784,885	)	$	3,312,758

For the years ended December 31, 2022 and 2021, amortization expense of intangible assets totaled approximately $315,000 and $245,000, respectively.

Blue Star Foods Corp. S-1/A