Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 332

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 332
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ibles

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 December 31, 2024 and December 31, 2023, Intangibles
consists of the following:

    Schedule of intangible assets 

    December 31, 2024  
    December 31, 2023 
  
    Trademark 
     50,000  
     50,000 
  
    Grower License 
     667  
     667 
  
    Less: Accumulated amortization 
     (17,084) 
     (14,484)
  
    Total other intangibles, Net 
     33,583  
     36,183 

Amortization expense totaled $2,600 and $2,460 for
the years ended December31, 2024 and 2023, respectively.

Note 7 – Notes Payable, Related Parties

Notes payable, related parties consist of the following at December 31,
2024 and December 31, 2023, respectively:

     Schedule of notes payable, related party 

    December 31, 2024  
    December 31, 2023 
  
    On April 12, 2010, the Company received an unsecured, non-interest-bearing loan in the amount of $2,000, due on demand from Robert Leitzman. Interest is being imputed at the Company’s estimated borrowing rate, or 10% per annum. The largest aggregate amount outstanding was $2,000 during the periods ended December 31, 2019 and December 31, 2018. Mr. Leitzman owns less than 1% of the Company’s common stock