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GOODWILL | 12 Months Ended
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Dec. 31, 2020
Intangible Assets, Net (Including Goodwill) [Abstract] |
GOODWILL | 9. GOODWILL The Company’s goodwill relates to the acquisition of a controlling interest in Microphase on June 2, 2017 and the acquisitions of Enertec on May 22, 2018, and Relec on November 30, 2020. The following table summarizes the changes in our goodwill for the years ended December 31, 2020 and 2019:
|  | Goodwill |
Balance as of January 1, 2019 |  | $ | 8,197,818 |
Impairment |  |  | (480,953 | )
Effect of exchange rate changes |  |  | 384,082 |
Balance as of December 31, 2019 |  |  | 8,100,947 |
Acquisition of Relec |  |  | 1,147,894 |
Effect of exchange rate changes |  |  | 396,485 |
Balance as of December 31, 2020 |  | $ | 9,645,686 |

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