Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

11. Goodwill

The changes in carrying value of goodwill are as follows:

	As of December 31,
	2023		2022
Carrying value at beginning of year	$	39,344	$	19,619
Goodwill acquired in acquisition of Parade		-		2,587
Goodwill acquired in acquisition of Men’s Journal		1,246		17,138
Goodwill acquired in acquisition of Fexy Studios		1,985		-
Loss on impairment		-		-
Carrying value at end of year	$	42,575	$	39,344

The Company performs its annual impairment test at the reporting unit level, which is the operating segment or one level below the operating segment. Management determined that the Company would be aggregated into a single reporting unit for purposes of performing the impairment test for goodwill.

The Company, as part of its annual impairment evaluation of goodwill of its one reporting unit, performs the goodwill impairment test in accordance with applicable guidance. The guidance provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity determines that this is the case, it is required to perform the goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit, if any. If an entity determines that the fair value of a reporting unit is greater than its carrying amount, the goodwill impairment test is not required. The annual impairment test was performed on December 31, 2023. No goodwill impairment was identified during the years ended December 31, 2023 and 2022, respectively.