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Goodwill and Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2021
Goodwill And Intangible Assets Net |
Goodwill and Intangible Assets, Net | 12. Goodwill and Intangible Assets, Net Goodwill Overview As of both December 31, 2021 and 2020, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of RISE. Siebert 2021 Form-10K 59 Impairment On August 30, 2021, GSCO notified RISE that its clearing arrangement with RISE will be terminated. The termination of the clearing arrangement was indicative of a potential impairment event and required impairment testing of the Company’s goodwill. 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 tested goodwill on a consolidated basis. In addition to other qualitative factors such current market conditions and macro-economic factors, the Company’s market capitalization was above its book value as of the date of the assessment. Accordingly, as of December 31, 2021, management concluded that there have been no impairments to the carrying value of the Company’s goodwill and no impairment charges related to goodwill were recognized in the year ended December 31, 2021 and 2020. Additionally, the Company determined there was not a material risk for future possible impairments to goodwill as of the date of the assessment. Intangible Assets, Net Overview As a result of the Company’s acquisition of RISE, the Company acquired intangible assets consisting of the RISE customer relationships and trade name, the fair values of which were $987,000 and $70,000, respectively, as of the acquisition date. The Company amortizes its acquired intangible assets over their useful lives and the intangible assets are deductible for tax purposes. Impairment The termination of GSCO’s clearing arrangement with RISE was indicative of a potential impairment event and required impairment testing of the Company’s intangible assets. The Company performed a qualitative assessment to evaluate definite-lived intangible assets. The qualitative assessment performed indicated that the fair value of the RISE customer relationships intangible asset was less than its carrying amount, and the Company proceeded to performing the quantitative assessment. Due to the termination of GSCO’s clearing arrangement with RISE, substantially all of the revenue producing customers of RISE have transitioned to other prime service providers. The forecasted revenue associated with RISE’s historical customer base was determined to be minimal. As such, the Company determined that the RISE customer relationships intangible asset was fully impaired, resulting in an impairment loss of $699,000 for the year ended December 31, 2021. Financial Information The following tables summarize information related to the Company’s intangible assets as of the dates indicated.
| Date Acquired | Original Useful Life | Remaining Useful Life As of December 31, 2021 |
RISE Customer Relationships | 11/30/19 | 6.0 years | — |
RISE Trade Name | 11/30/19 | 0.5 years | — |
|  | Purchase Price |  | 2019 Amort |  | 2020 Amort |  | Balance as of December 31, 2020 |  | 2021 Amort |  | 2021 Impairment Loss |  | Balance as of December 31, 2021 |
RISE Customer Relationships |  | $ | 987,000 |  |  | $ | 23,000 |  |  | $ | 155,000 |  |  | $ | 809,000 |  |  | $ | 110,000 |  |  | $ | 699,000 |  |  | $ | — |
RISE Trade Name |  |  | 70,000 |  |  |  | 12,000 |  |  |  | 58,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total Intangible assets |  | $ | 1,057,000 |  |  | $ | 35,000 |  |  | $ | 213,000 |  |  | $ | 809,000 |  |  | $ | 110,000 |  |  | $ | 699,000 |  |  | $ | — |

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