7. INTANGIBLE ASSETS

On February 3, 2022, the Company purchased the domain name Gaucho.com, in exchange for cash consideration of $34,999 and a number of shares of common stock which would have an total value of $39,600 as of August 14, 2022. The Company issued an aggregate total of 8,614 shares of common stock with an August 14, 2022 value of $39,600, of which 1,250 shares were issued on February 3, 2022 and the remaining 7,364 shares were issued on August 14, 2022. The cost of the domain name is being amortized over its useful life of 15 years.

The Company recognized $1,243 and $3,229 of amortization expense during the three and nine months ended September 30, 2022, respectively, related to the domain name. Future amortization of the Company’s intangible asset is as follows:

SCHEDULE OF INTANGIBLE ASSETS FUTURE AMORTIZATION