Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.21.2
GOODWILL AND INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 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, and $9,681,548 in goodwill from the H&J business combination in May 2021.

The following table summarizes information relating to the Company’s identifiable intangible assets as of June 30, 2021:

    

Gross

    

Accumulated

    

Carrying

Amount

Amortization

Value

Amortized:

 

  

 

  

 

  

Customer relationships

$

2,817,670

$

(575,736)

$

2,241,934

 

2,817,670

 

(575,736)

 

2,241,934

Indefinite-lived:

 

  

 

  

 

  

Brand name

$

8,933,860

 

 

8,933,860

$

11,751,530

$

(575,736)

$

11,175,794

The Company recorded amortization expense of $163,236 and $91,656 during the three months ended June 30, 2021 and 2020, and $254,903 and $137,500 during the six months ended June 30, 2021 and 2020, respectively, which is included in general and administrative expenses in the consolidated statements of operations.