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Impairment Loss
12 Months Ended
Dec. 31, 2021
Disclosure Text Block Supplement [Abstract]  
IMPAIRMENT LOSS

21. IMPAIRMENT LOSS

 

The Company recorded $0.78 million of impairment loss in fiscal year 2021 related with goodwill mainly arose from acquisition of Nice Talent Asset Management Limited. The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of the reporting unit to its carrying value. The Company uses the discounted cash flow model to estimate fair value, which requires management to make significant estimates and assumptions related to forecasts of future revenue and operating margin. In addition, the discounted cash flow model requires the Company to select an appropriate weighted average cost of capital based on current market conditions as of December 31, 2021. Based upon the assessment, the Company has concluded that goodwill is $15.6 million as of December 31, 2021.