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GOODWILL
12 Months Ended
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