GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

NOTE 6: GOODWILL AND INTANGIBLE ASSETS

The Company recorded $6,479,218 in goodwill from the Bailey business combination in February 2020.

The following table summarizes information relating to the Company’s identifiable intangible assets as of March 31, 2021:


		Gross			Accumulated			Carrying
		Amount			Amortization			Value
Amortized:
Customer relationships		$	1,100,000		$	(412,500)		$	687,500
			1,100,000			(412,500)			687,500

Indefinite-lived:
Brand name		$	6,715,500			—			6,715,500
		$	7,815,500		$	(412,500)		$	7,403,000

The Company recorded amortization expense of $91,667 and $45,844 during the three months ended March 31, 2021 and 2020, respectively, which is included in general and administrative expenses in the consolidated statements of operations.