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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill balance related to the Cleared acquisition was $0 for both the years ended December 31, 2022 and 2021. 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 December 31, 2022 and 2021, the Company has the following amounts related to amortizable intangible assets:

	2022			2021			Life
	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
Purchased licenses		200,000			200,000			10 years
Website domain name		22,731			22,231			3 years
Less: accumulated amortization		(2,043,971	)		(1,209,310	)
Total net amortizable intangible assets	$	3,831,859		$	19,761

During the year ended December 31, 2022, the Company recorded an $826,931 impairment loss related to a decline in the estimated fair value of the Cleared customer relationship intangible asset with an original cost of $918,812 and accumulated amortization of $91,881. The aggregate amortization expense of the Company’s intangible assets for the years ended December 31, 2022 and 2021 was $926,542 and $342,310, respectively. Total amortization expense for 2023 through 2026 is approximately $930 thousand per year and for 2027 is approximately $112 thousand.