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Goodwill and Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2021
Goodwill And Intangible Assets Net |
Goodwill and Intangible Assets, Net | 9. Goodwill and Intangible Assets, Net Goodwill As of September 30, 2021 and December 31, 2020, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of WPS. As of September 30, 2021, management concluded that there have been no impairments to the carrying value of the Company’s goodwill. Intangible Assets, Net As a result of the Company’s acquisition of WPS, the Company acquired intangible assets consisting of WPS customer relationships and trade name, the fair values of which were $987,000 and $70,000, respectively, as of the acquisition date. Pursuant to the Company’s agreement with the original owners of WPS, the Company agreed to discontinue using the name of Weeden Prime Services, LLC and filed to change it to WPS Prime Services, LLC in May 2020. The Company amortizes its acquired intangible assets over their useful lives, and as of September 30, 2021, the WPS trade name was fully amortized. Impairment On August 30, 2021, GSCO notified WPS that its clearing arrangement with WPS will be terminated. The termination of the clearing arrangement was indicative of a potential impairment and required impairment testing of the Company’s goodwill and intangible assets. The Company elected to rely on a qualitative assessment to evaluate goodwill, which indicated that the fair value of the Company’s goodwill was in excess of its carrying value. The Company concluded that it has one reportable segment, and in addition to other qualitative factors such current market conditions and macro-economic factors, the Company’s market capitalization was well above its book value as of the date of the assessment. Accordingly, no further impairment assessment was necessary, and no impairment charges related to goodwill were recognized in the three and nine months ended September 30, 2021. Additionally, the Company determined there was not a material risk for future possible impairments to goodwill as of the date of the assessment. The Company performed a qualitative assessment to evaluate definite-lived intangible assets. The qualitative assessment performed indicated that the fair value of the WPS customer relationships intangible asset was less than its carrying amount, and the Company proceeded to performing the quantitative assessment. Due to the termination of WPS’s clearing arrangement with GSCO, substantially all of the revenue producing customers of WPS will transition to other prime service providers. The forecasted revenue associated with WPS’s remaining customer base was determined to be minimal. As such, the Company determined that the WPS customer relationships intangible asset was fully impaired, resulting in an impairment loss of $699,000 for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2021 and 2020, there were no impairments to the Company’s assets other than the one described above.

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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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