GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 5: GOODWILL AND INTANGIBLE ASSETS

The following is a summary of goodwill attributable to each business combination:


		March 31,			December 31
		2023			2022
Bailey		$	3,158,123		$	3,158,123
Harper & Jones			1,130,311			1,130,311
Stateside			2,104,056			2,104,056
Sundry			3,711,322			3,711,322
		$	10,103,812		$	10,103,812

The following table summarizes information relating to the Company’s identifiable intangible assets as of March 31, 2023:


		Gross			Accumulated			Carrying
		Amount			Amortization			Value
Amortized:
Customer relationships		$	11,452,230		$	(4,554,959)		$	6,897,271
		$	11,452,230		$	(4,554,959)		$	6,897,271

Indefinite-lived:
Brand name		$	6,575,880			—			6,575,880
		$	18,028,110		$	(4,554,959)		$	13,473,151

The Company recorded amortization expense of $954,353 and $537,813 during the three months ended March 31, 2023 and 2022, respectively, which is included in general and administrative expenses in the consolidated statements of operations.