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Intangible Assets and Goodwill | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | The following is a summary of the changes in the carrying amount of goodwill and other indefinite-lived asset as of December 31, 2020 and the three-months ended March 31, 2021. Due to the significant decline in the Company’s stock price and the economic effect of COVID-19, the Company determined a triggering event for Goodwill impairment existed at March 31, 2020. As a result, the Company performed a quantitative impairment analysis for the Automotive segment. The Company’s impairment test indicated no impairment existed as the estimated fair value of the reporting unit exceeded its carrying value at March 31, 2020. Management determined no triggering event occurred during the quarter ended March 31, 2021.
|  | Goodwill |  |  | Indefinite Lived Intangible Assets |
Balance at December 31, 2020 |  | $ | 26,886,563 |  |  | $ | 45,515 |
Acquisitions |  |  | - |  |  |  | - |
Impairment |  |  | - |  |  |  | - |
Balance at March 31, 2021 |  | $ | 26,886,563 |  |  | $ | 45,515 |
The $45,515 of indefinite lived intangible asset is included in other assets in the Company's Condensed Consolidated balance sheets.

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- 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 http://asc.fasb.org/topic&trid=2144416 + Details
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