INTANGIBLE ASSETS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Asset, Goodwill and Other [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS | NOTE 5. INTANGIBLE ASSETS
On April 25, 2025, the Company entered into a Stock Purchase Agreement with the shareholders of Boats and Buyers, Inc. (the “Acquiree”), pursuant to which the Company acquired 100% of the issued and outstanding shares of the Acquiree, including all related websites (including www.boatscollective.com) and intellectual property assets. The total consideration for the acquisition was approximately $0.6 million, consisting of $0.2 million in cash and shares of the Company’s common stock valued at $ per share. Included in the purchase price was a gross-up for the tax component of approximately $0.1 million.
The transaction has been accounted for as an asset acquisition. Substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets, specifically, website and related intellectual property. Accordingly, the purchase price was allocated to intangible assets and an intangible asset of approximately $0.6 million was recognized.
The common stock consideration related to this acquisition has not been issued as of June 30, 2026 and was recorded as a Common Stock Payable on the consolidated balance sheet.
Amortization expense related to the Company’s intangible assets was $63,291 and $18,333, respectively, for the six months ended June 30, 2026 and 2025. Estimated future amortization expense for the intangible assets is as follows:
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