Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.22.2.2
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.