GOODWILL AND INTANGIBLE ASSETS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of changes in carrying value of goodwill |
Schedule of changes in carrying value of goodwill |
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Balance as of December 31,
2020 |
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|
$ |
19,627,856 |
|
Measurement period adjustments(1) |
|
|
|
(77,094 |
) |
Acquisitions(2) |
|
|
|
470,595 |
|
Balance as of December 31, 2021 |
|
|
$ |
20,021,357 |
|
Acquisitions(3) |
|
|
|
10,199,063 |
|
Goodwill impairment(4) |
|
|
|
(906,337 |
) |
Balance as of December 31, 2022 |
|
|
$ |
29,314,083 |
|
| (1) | Measurement period adjustments recorded in connection with the Be Social and B/HI acquisitions. |
| (2) | Acquisition of B/HI in January 2021. |
| (3) | Acquisition of Socialyte in November 2022. |
| (4) | The Company recorded an impairment of goodwill, specifically for the Goodwill assigned to Viewpoint. |
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Schedule of intangible assets |
Schedule of intangible assets |
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December 31, 2022 |
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December 31, 2021 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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|
Net Carrying
Amount |
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Intangible assets subject to amortization: |
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Customer relationships |
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$ |
13,350,000 |
|
|
$ |
5,842,498 |
|
|
$ |
7,507,502 |
|
|
$ |
8,290,000 |
|
|
$ |
4,880,016 |
|
|
$ |
3,409,984 |
|
Trademarks and trade names |
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|
4,640,000 |
|
|
|
2,283,166 |
|
|
|
2,356,834 |
|
|
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4,490,000 |
|
|
|
1,797,917 |
|
|
|
2,692,083 |
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Non-compete agreements |
|
|
690,000 |
|
|
|
670,000 |
|
|
|
20,000 |
|
|
|
690,000 |
|
|
|
650,000 |
|
|
|
40,000 |
|
|
|
$ |
18,680,000 |
|
|
$ |
8,795,664 |
|
|
$ |
9,884,336 |
|
|
$ |
13,470,000 |
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|
$ |
7,327,933 |
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|
$ |
6,142,067 |
|
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Schedule of changes in intangible assets |
Schedule of changes in intangible assets |
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Balance as of December 31, 2020 |
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|
$ |
7,452,059 |
|
Intangible assets from B/HI acquisition |
|
|
|
270,000 |
|
Amortization expense |
|
|
|
(1,579,992 |
) |
Balance as of December 31, 2021 |
|
|
$ |
6,142,067 |
|
Intangible assets from Socialyte acquisition |
|
|
|
5,210,000 |
|
Amortization expense |
|
|
|
(1,467,731 |
) |
Balance as of December 31, 2022 |
|
|
$ |
9,884,336 |
|
|
Schedule of amortization expense related to intangible assets for the next five years |
Schedule of amortization expense related to intangible assets for the next five years |
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2023 |
$ |
2,015,910 |
|
2024 |
|
1,701,993 |
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2025 |
|
1,597,789 |
|
2026 |
|
1,465,978 |
|
2027 |
|
854,992 |
|
Thereafter |
|
2,247,674 |
|
Total |
$ |
9,884,336 |
|
|