GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 7: GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company recorded goodwill from each of its business combinations. The following is a summary of goodwill by entity for the years ended December 31, 2023 and 2022:

	December 31,
	2023		2022
Bailey	$	3,158,123	$	3,158,123
Stateside		2,104,056		2,104,056
Sundry		3,711,322		3,711,322
	$	8,973,501	$	8,973,501

Refer to Note 3 for discussion on the goodwill impairment recorded in 2022.

In connection with the H&J disposition, the Company derecognized $1,130,311 in goodwill.

Intangible Assets

The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2023 and 2022:

December 31, 2023	Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Customer relationships	$	8,634,560	$	(4,494,223	)	$	4,140,337
	$	8,634,560	$	(4,494,223	)	$	4,140,337
Indefinite-lived:
Brand name		5,841,880		—			5,841,880
	$	14,476,440	$	(4,494,223	)	$	9,982,217

December 31, 2022	Gross Amount		Accumulated Amortization			Carrying Value
Amortized:
Customer relationships	$	9,734,560		(2,670,202	)	$	7,064,358
		9,734,560		(2,670,202	)		7,064,358
Indefinite-lived:
Brand name		5,841,880		—			5,841,880
	$	15,576,440	$	(2,670,202	)	$	12,906,238

Refer to Note 3 for discussion on the intangible asset impairment recorded in 2022.

The Company recorded amortization expense of $1,993,616 and $2,151,250 during the years ended December 31, 2023 and 2022, respectively, which is included in general and administrative expenses in the consolidated statements of operations.

Future amortization expense at December 31, 2023 is as follows:

Year Ending December 31,
2024		2,474,177
2025		1,666,160
	$	4,140,337