XML 35 R20.htm IDEA: XBRL DOCUMENT v3.25.1
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Other Intangible Assets, Net [Abstract]  
Goodwill and Other Intangible Assets, Net

13. Goodwill and Other Intangible Assets, Net

 

Goodwill

 

As of December 31, 2024 and 2023, the Company’s carrying amount of goodwill was $2,319,000 and $1,989,000, respectively. As of December 31, 2024, $1,989,000 of the Company’s carrying amount of goodwill came from the Company’s acquisition of RISE and $330,000 came from the Company’s acquisition of GE. As of December 31, 2024 and 2023, management concluded that there have been no impairments to the carrying value of the Company’s goodwill and no impairment charges related to goodwill were recognized during the years ended December 31, 2024 and 2023. Refer to Note 2 – Summary of Significant Accounting Policies for further information.

 

Other Intangible Assets, Net

 

As a result of the Company’s acquisition of GE, the Company acquired intangible assets consisting of GE artist contracts, the fair value of which were $778,000 as of the acquisition date. Amortization commenced upon acquisition and is recognized over its estimated useful life of 4 years. Amortization expense for the intangible asset totaled $81,000 for the year ended December 31, 2024.

 

As of December 31, 2024, the Company estimates the following future amortization of other intangible assets:

 

Year  Amount 
2025  $194,000 
2026   194,000 
2027   194,000 
2028   115,000 
Total  $697,000