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GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

GOODWILL AND INTANGIBLE ASSETS

Summary of future amortization expense

​

​	​	​	​
Year Ending December 31,		​	​
2023		​	2,924,020
2024		​	2,474,178
2025		​	1,666,160
​	​	$	7,064,358

Summary of goodwill by entity

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		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

Summary of information relating to the Company's identifiable intangible assets

​

​	​	​	​	​	​	​	​	​	​
​		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

​

X

- Definition

Tabular disclosure of goodwill in a business combination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126975305&loc=d3e6927-128479

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- Definition

Tabular disclosure of acquired indefinite-lived intangible assets. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. Indefinite-lived assets are assets that are not subject to amortization. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275

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- Definition

Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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