XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.23.3

GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2023 | Dec. 31, 2022
GOODWILL AND INTANGIBLE ASSETS |  |
GOODWILL AND INTANGIBLE ASSETS | NOTE 6: GOODWILL AND INTANGIBLE ASSETS The following is a summary of goodwill attributable to each business combination: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Bailey | ​ | $ | 3,158,123 | ​ | $ | 3,158,123
Stateside | ​ |  | 2,104,056 | ​ |  | 2,104,056
Sundry | ​ |  | 3,711,322 | ​ |  | 3,711,322
​ | ​ | $ | 8,973,501 | ​ | $ | 10,103,812
​ In connection with the H&J disposition, the Company derecognized $1,130,311 in goodwill. The following table summarizes information relating to the Company’s identifiable intangible assets as of June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | Accumulated |  | Carrying
​ | ​ | Amount | ​ | Amortization | ​ | Value
Amortized: |  | ​ |  |  | ​ |  |  | ​ |
Customer relationships | ​ | $ | 9,734,560 | ​ | $ | (4,155,129) | ​ | $ | 5,579,431
​ | ​ | $ | 9,734,560 | ​ | $ | (4,155,129) | ​ | $ | 5,579,431
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indefinite-lived: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Brand name | ​ | $ | 5,841,880 | ​ | ​ | — | ​ |  | 5,841,880
​ | ​ | $ | 15,576,440 | ​ | $ | (4,155,129) | ​ | $ | 11,421,311
​ In connection with the H&J disposition, the Company derecognized $1,246,915 in intangible assets. The Company recorded amortization expense of $804,924 and $537,812 during the three months ended June 30, 2023 and 2022, and $1,759,277 and $1,075,625 during the six months ended June 30, 2023 and 2022, respectively, which is included in general and administrative expenses in the consolidated statements of operations. | NOTE 6: GOODWILL AND INTANGIBLE ASSETS Goodwill The Company recorded goodwill from each of its business combinations. The following is a summary of goodwill by entity for the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Bailey |  | Stateside |  | Sundry |  | Total
Balances at December 31, 2020 | ​ | $ | 6,479,218 | ​ | $ | — | ​ | $ | — | ​ | $ | 6,479,218
Business combination |  | ​ | — |  | ​ | 2,104,056 |  | ​ | — |  | ​ | 2,104,056
Impairment |  | ​ | — |  | ​ | — |  | ​ | — |  | ​ | —
Balances at December 31, 2021 |  | ​ | 6,479,218 |  | ​ | 2,104,056 |  | ​ | — |  | ​ | 8,583,274
Business combination |  | ​ | — |  | ​ | — |  | ​ | 3,711,322 |  | ​ | 3,711,322
Impairment |  | ​ | (3,321,095) |  | ​ | — |  | ​ | — |  | ​ | (3,321,095)
Balances at December 31, 2022 | ​ | $ | 3,158,123 | ​ | $ | 2,104,056 | ​ | $ | 3,711,322 | ​ | $ | 8,973,501
​ Refer to Note 3 for discussion on the goodwill impairment recorded in 2022. As of December 31, 2022, there was approximately $3.2 million for Bailey in goodwill that relates to liabilities in excess of assets. Intangible Assets The following table summarizes information relating to the Company’s identifiable intangible assets as of December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | Accumulated |  | Carrying
December 31, 2022 | ​ | Amount | ​ | Amortization | ​ | Value
Amortized: | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Customer relationships | ​ | $ | 9,734,560 |  | ​ | (2,670,202) | ​ | $ | 7,064,358
​ | ​ |  | 9,734,560 |  | ​ | (2,670,202) | ​ |  | 7,064,358
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indefinite-lived: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brand name | ​ | $ | 5,841,880 |  | ​ | — | ​ |  | 5,841,880
​ | ​ | $ | 15,576,440 | ​ | $ | (2,670,202) | ​ | $ | 12,906,238
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | Accumulated |  | Carrying
December 31, 2021 | ​ | Amount | ​ | Amortization | ​ | Value
Amortized: |  | ​ |  |  | ​ |  |  | ​ |
Customer relationships | ​ | $ | 4,736,080 | ​ | ​ | (1,091,509) | ​ | $ | 3,644,571
​ | ​ |  | 4,736,080 | ​ |  | (1,091,509) | ​ |  | 3,644,571
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Indefinite-lived: | ​ |  |  | ​ |  |  | ​ |  |
Brand name | ​ | $ | 5,618,560 | ​ |  | — | ​ |  | 5,618,560
​ | ​ | $ | 10,354,640 | ​ | $ | (1,091,509) | ​ | $ | 9,263,131
​ Due to the effects of COVID-19 and revenue levels not recovering as quickly as anticipated and related uncertainty which affected Bailey’s results and near-term demand for its products, the Company determined that there were indications for further impairment analysis in both 2022 and 2021. Due to Harper’s revenue levels lower as compared to initial projects, the Company determined that there were indications for further impairment analysis in 2022. Refer to Note 3 for discussion on the intangible asset impairment recorded in 2022 and 2021. Management determined circumstances existed that indicated the carrying value may not be recoverable. The impairment analysis was based on the relief from royalty method using projected revenue estimates and discounts rates believed to be appropriate. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors. The discount rate, revenue assumptions and terminal growth rate of our reporting unit were the material assumptions utilized in the model used to estimate the fair value of the Bailey unit. The analysis requires estimates, assumptions and judgments about future events. Our analysis uses our internally generated long-range plan. The long-range plan reflects management judgment, which includes observation of expected industry trends. The Company recorded amortization expense of $1,653,819 and $1,128,524 during the years ended December 31, 2022 and 2021, respectively, which is included in general and administrative expenses in the consolidated statements of operations. Future amortization expense at December 31, 2022 is as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2023 |  | ​ | 2,924,020
2024 |  | ​ | 2,474,178
2025 |  | ​ | 1,666,160
​ | ​ | $ | 7,064,358
​

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration