GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 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 June 30, 2022:


		Gross			Accumulated			Carrying
		Amount			Amortization			Value
Amortized:
Customer relationships		$	6,453,750		$	(2,524,982)		$	3,928,768
			6,453,750			(2,524,982)			3,928,768

Indefinite-lived:
Brand name		$	7,836,920			—			7,836,920
		$	14,290,670		$	(2,524,982)		$	11,765,688

The Company recorded amortization expense of $537,812 and $163,236 during the three months ended June 30, 2022 and 2021, and $1,075,625 and $254,903 during the six months ended June 30, 2022 and 2021, respectively, which is included in general and administrative expenses in the consolidated statements of operations.