GOODWILL AND INTANGIBLE ASSETS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
GOODWILL AND INTANGIBLE ASSETS |
|
Summary of future amortization expense |
|
|
|
|
Year Ending December 31, |
|
|
|
2023 |
|
|
3,496,577 |
2024 |
|
|
2,688,886 |
2025 |
|
|
1,666,160 |
|
|
$ |
7,851,623 |
|
Summary of goodwill by entity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bailey |
|
Harper & Jones |
|
Stateside |
|
Sundry |
|
Total |
Balances at December 31, 2020 |
|
$ |
6,479,218 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
6,479,218 |
Business combinations |
|
|
— |
|
|
9,681,548 |
|
|
2,104,056 |
|
|
— |
|
|
11,785,604 |
Impairment |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Balances at December 31, 2021 |
|
|
6,479,218 |
|
|
9,681,548 |
|
|
2,104,056 |
|
|
— |
|
|
18,264,822 |
Business combination |
|
|
— |
|
|
— |
|
|
— |
|
|
3,711,322 |
|
|
3,711,322 |
Impairment |
|
|
(3,321,095) |
|
|
(8,551,237) |
|
|
— |
|
|
— |
|
|
(11,872,332) |
Balances at December 31, 2022 |
|
$ |
3,158,123 |
|
$ |
1,130,311 |
|
$ |
2,104,056 |
|
$ |
3,711,322 |
|
$ |
10,103,812 |
|
Summary of information relating to the Company's identifiable intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Accumulated |
|
Carrying |
December 31, 2022 |
|
Amount |
|
Amortization |
|
Value |
Amortized: |
|
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
11,452,230 |
|
|
(3,600,607) |
|
$ |
7,851,623 |
|
|
|
11,452,230 |
|
|
(3,600,607) |
|
|
7,851,623 |
|
|
|
|
|
|
|
|
|
|
Indefinite-lived: |
|
|
|
|
|
|
|
|
|
Brand name |
|
$ |
6,575,880 |
|
|
— |
|
|
6,575,880 |
|
|
$ |
18,028,110 |
|
$ |
(3,600,607) |
|
$ |
14,427,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross |
|
Accumulated |
|
Carrying |
December 31, 2021 |
|
Amount |
|
Amortization |
|
Value |
Amortized: |
|
|
|
|
|
|
|
|
|
Customer relationships |
|
$ |
6,453,750 |
|
|
(1,449,357) |
|
$ |
5,004,393 |
|
|
|
6,453,750 |
|
|
(1,449,357) |
|
|
5,004,393 |
|
|
|
|
|
|
|
|
|
|
Indefinite-lived: |
|
|
|
|
|
|
|
|
|
Brand name |
|
$ |
7,836,920 |
|
|
— |
|
|
7,836,920 |
|
|
$ |
14,290,670 |
|
$ |
(1,449,357) |
|
$ |
12,841,313 |
|