Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.22.1
GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2022
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

NOTE 5: GOODWILL AND INTANGIBLE ASSETS

The Company recorded $6,479,218 in goodwill from the Bailey business combination in February 2020, $9,681,548 in goodwill from the H&J business combination in May 2021 and $2,104,056 in goodwill from the Stateside business combination in August 2021.

The following table summarizes information relating to the Company’s identifiable intangible assets as of March 31, 2022:

    

Gross

    

Accumulated

    

Carrying

Amount

Amortization

Value

Amortized:

 

  

 

  

 

  

Customer relationships

$

6,453,750

(1,987,169)

$

4,466,581

 

6,453,750

 

(1,987,169)

 

4,466,581

Indefinite-lived:

 

  

 

  

 

  

Brand name

$

7,836,920

 

 

7,836,920

$

14,290,670

$

(1,987,169)

$

12,303,501

The Company recorded amortization expense of $537,813 and $91,667 during the three months ended March 31, 2022 and 2021, respectively, which is included in general and administrative expenses in the consolidated statements of operations.