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Goodwill and Other Intangible Assets, Net
 3 Months Ended
Mar. 31, 2025
Goodwill and Other Intangible Assets, Net [Abstract]  
Goodwill and Other Intangible Assets, Net

8. Goodwill and Other Intangible Assets, Net

 

Goodwill

 

As of March 31, 2025 and December 31, 2024, the Company’s carrying amount of goodwill was both $2,319,000. As of March 31, 2025, $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 March 31, 2025, 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 three months ended March 31, 2025 and 2024. Refer to Note 2 – Summary of Significant Accounting Policies in the Company’s 2024 Form 10-K 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 $48,000 for the three months ended March 31, 2025.

 

As of March 31, 2025, the Company estimates the following future amortization of other intangible assets:

 

Year  Amount 
2025  $146,000 
2026   194,000 
2027   194,000 
2028   114,000 
Total  $648,000