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Goodwill
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 7 – Goodwill

 

Changes in the net carrying value of goodwill by segment are as follows (in thousands):

 

   

Verification

and

Certification

Segment

    

Software Sales

and Related Consulting

Segment

     Consolidated  
January 1, 2020   $ 1,133     $ 1,813     $ 2,946  
Transfer of assets     814       (814 )     -  
December 31, 2020   $ 1,947     $ 999     $ 2,946  
Transfer of assets     -       -       -  
December 31, 2021   $ 1,947     $ 999     $ 2,946  

 

Annual Impairment Test of Goodwill

 

We performed a qualitative assessment on our WFCFO, Validus and SureHarvest, reporting units for our 2021 annual test and concluded that it was more-likely-than-not that the fair value of the reporting unit exceeded its carrying value and, therefore, a two-step impairment test was not necessary. The qualitative assessment compares current performance, expectations and other indicators against what was expected as part of the most recent Step 1 valuation. Consequently, the key estimates and assumptions related to the most recent Step 1 valuation pertaining to this reporting unit had not changed since our previous annual report.

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements