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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – GOODWILL AND INTANGIBLE ASSETS

As of September 30, 2022 and December 31, 2021, the Company’s goodwill balance related to the Cleared acquisition was $5.7 million and $0, respectively. During the nine months ended September 30, 2022, the Company recorded a $2.7 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 September 30, 2022 and December 31, 2021, the Company has the following amounts related to amortizable intangible assets:

	September 30,			December 31,			Amortizable
	2022			2021			Life
Amortizable Intangible Assets:
ResumeBuild brand		4,500,000			-			5 years
Customer relationship asset		1,006,840			1,006,840			3 years
Cleared trade name		133,339			-			5 years
Cleared developed technology		12,920			-			1 year
Cleared customer relationships		918,812			-			10 years
Purchased licenses		200,000			200,000			10 years
Website domain name		22,731			22,231			3 years
Less: accumulated amortization		(1,876,092	)		(1,209,310	)
Total net amortizable intangible assets	$	4,918,550		$	19,761

The aggregate amortization expense of the Company’s intangible assets for the three months ended September 30, 2022 and 2021 was $325,495 and $617, respectively. The aggregate amortization expense of the Company’s intangible assets for the nine months ended September 30, 2022 and 2021 was $666,782 and $340,457, respectively. Total amortization expense for the remainder of 2022 is $259,762. Total amortization expense for 2023 through 2026 is approximately $1.0 million per year, for 2027 is approximately $200,000 and for 2028 through 2031 is approximately $92,000 per year.