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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, the Company has the following amounts related to amortizable intangible assets:

 

   June 30,   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 names   171,599    22,731    3 years 
Less: accumulated amortization   (2,523,499)   (2,043,971)     
Total net amortizable intangible assets  $3,501,199   $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 June 30, 2023 and 2022 was $246 thousand and $227 thousand, respectively. The aggregate amortization expense of the Company’s intangible assets for the six months ended June 30, 2023 and 2022 was $480 thousand and $341 thousand, respectively. Total amortization expense for the remainder of 2023 is approximately $492 thousand, 2024 through 2025 is approximately $980 thousand per year, 2026 is approximately $940 thousand and 2027 is approximately $113 thousand.