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Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

12. Goodwill

 

The changes in carrying value of goodwill are as follows:

Schedule of Changes in Carrying Value of Goodwill

   2022   2021 
   As of December 31, 
   2022   2021 
Carrying value at beginning of year  $19,619   $16,140 
Goodwill acquired in acquisition of The Spun   -    3,479 
Goodwill acquired in acquisition of Parade   2,587    - 
Goodwill acquired in acquisition of Men’s Journal   17,138    - 
Carrying value at end of year  $39,344   $19,619 

 

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 with 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, 2022. No impairment of goodwill has been identified during the years ended December 31, 2022 and 2021.