GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 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 September 30, 2022:


		Gross			Accumulated			Carrying
		Amount			Amortization			Value
Amortized:
Customer relationships		$	6,453,750			(3,062,794)		$	3,390,956
			6,453,750			(3,062,794)			3,390,956

Indefinite-lived:
Brand name		$	7,836,920			—			7,836,920
		$	14,290,670		$	(3,062,794)		$	11,227,876

The Company recorded amortization expense of $537,813 and $355,808 during the three months ended September 30, 2022 and 2021, and $1,613,438 and $590,711 during the nine months ended September 30, 2022 and 2021, respectively, which is included in general and administrative expenses in the consolidated statements of operations.