GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 4 – GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill balance related to the Cleared acquisition was $0 as of both March 31, 2023 and December 31, 2022. During the year ended December 31, 2022, the Company recorded an $8.0 million goodwill impairment charge related to a decline in the estimated fair value of Cleared as a result of a decline in the Cleared financial projections.

As of March 31, 2023 and December 31, 2022, the Company has the following amounts related to amortizable intangible assets:

	March 31,			December 31,			Amortizable
	2023			2022			Life
Amortizable Intangible Assets:
ResumeBuild brand	$	4,500,000		$	4,500,000			5 years
Customer relationship asset		1,006,840			1,006,840			3 years
Cleared trade name		133,339			133,339			5 years
Cleared developed technology		12,920			12,920			1 year
Purchased licenses		200,000			200,000			10 years
Website domain name		22,731			22,731			3 years
Less: accumulated amortization		(2,277,531	)		(2,043,971	)
Total net amortizable intangible assets	$	3,598,299		$	3,831,859

During the year ended December 31, 2022, the Company recorded an $827 thousand impairment charge related to a decline in the estimated fair value of the Cleared customer relationship intangible asset with an original cost of $919 thousand and accumulated amortization of $92 thousand. The aggregate amortization expense of the Company’s intangible assets for the three months ended March 31, 2023 and 2022 was $234 thousand and $114 thousand, respectively. Total amortization expense for the remainder of 2023 is approximately $700 thousand, 2024 through 2026 is approximately $930 thousand per year and for 2027 is approximately $113 thousand.