GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 — GOODWILL AND INTANGIBLE ASSETS

As of December 31, 2025, the Company has a balance of $21,507,944 of goodwill on its consolidated balance sheet resulting from its acquisitions of 42West, The Door, Shore Fire, Special Projects and Elle. All goodwill has been assigned to the entertainment publicity and marketing segment.

Goodwill

Changes in the carrying value of goodwill were as follows:


Balance as of December 31, 2023	$	25,220,085
Acquisitions⁽¹⁾		2,892,065
Measurement period adjustment⁽³⁾		67,351
Goodwill impairment⁽²⁾		(6,671,557	)
Balance as of December 31, 2024	$	21,507,944
Adjustments to goodwill		—
Balance as of December 31, 2025	$	21,507,944

	(1)	Acquisition of Elle in July 2024.
	(2)	The Company recorded impairments of goodwill during 2024. See below for further information.
	(3)	The Company recorded measurement period adjustments related to Special Projects and Elle in 2024. Refer to Note 4.

The Company evaluates goodwill in the fourth quarter or more frequently if management believes indicators of impairment exist. Such indicators could include but are not limited to (1) a significant adverse change in legal factors or in the business climate, (2) unanticipated competition, (3) significant decline in market capitalization or (4) an adverse action or assessment by a regulator. There were no triggering events noted during the year ended December 31, 2025, that would require the Company to reassess goodwill for impairment outside its annual impairment test. During the third quarter of 2024, the Company’s stock price declined and this, in combination with recurring net losses, resulted in the Company’s market capitalization to be less than the Company’s book value. The Company considered this, in addition to downward adjustments to revenue projections for certain subsidiaries to be triggering events and therefore performed a quantitative analysis of the fair value of goodwill as of August 31, 2024. As a result of this quantitative analysis, during the third quarter of 2024, the Company recorded an impairment of goodwill amounting to $6,480,992, which is included in the consolidated statement of operations for the year ended December 31, 2024. Additionally, during the second quarter of 2024, the Company decided to close the Viewpoint subsidiary, and therefore the Company impaired goodwill for $190,565, which is the balance of goodwill attributable to Viewpoint immediately prior to the decision to shut down. This impairment is included in the consolidated statement of operations for the year ended December 31, 2024.

Intangible Assets

Intangible assets consisted of the following as of December 31, 2025 and 2024:

Schedule of intangible assets
	December 31, 2025						December 31, 2024
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	17,592,387	$	10,997,027	$	6,595,360	$	17,592,387	$	9,236,609	$	8,355,778
Trademarks and trade names		5,128,583		3,825,336		1,303,247		5,128,583		3,295,335		1,833,248
Non-compete agreements		690,000		690,000		—		690,000		690,000		—
	$	23,410,970	$	15,512,363	$	7,898,607	$	23,410,970	$	13,221,944	$	10,189,026

The following table presents the changes in intangible assets for the years ended December 31, 2025 and 2024:


Balance as of December 31, 2023	$	11,209,664
Intangible assets from Elle acquisition		1,280,000
Amortization expense		(2,300,638	)
Balance as of December 31, 2024	$	10,189,026
Amortization expense		(2,290,419	)
Balance as of December 31, 2025	$	7,898,607

Amortization expense related to intangible assets for the next five years is as follows:

Schedule of amortization expense
	2026	$	2,091,505
	2027		1,406,262
	2028		1,064,106
	2029		906,886
	2030		727,096
	Thereafter		1,702,752
	Total	$	7,898,607