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GOODWILL | 12 Months Ended
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Dec. 31, 2021
Following Table Summarizes Changes In Companys Goodwill For Years Ended December 31 2021 And 2020 |
GOODWILL | 12. GOODWILL The Company’s goodwill relates to the acquisition of a controlling interest in Microphase on June 2, 2017 and Imperalis Holding Corp. (“Imperalis”) on December 16, 2021, and the acquisitions of Enertec on May 22, 2018, and Relec on November 30, 2020. The following table summarizes the changes in the Company’s goodwill for the years ended December 31, 2021 and 2020:
|  | Goodwill |
Balance as of January 1, 2020 |  | $ | 8,101,000 |
Acquisition of Relec |  |  | 1,148,000 |
Effect of exchange rate changes |  |  | 397,000 |
Balance as of January 1, 2021 |  |  | 9,646,000 |
Acquisition of Imperalis |  |  | 278,000 |
Effect of exchange rate changes |  |  | 166,000 |
Balance as of December, 2021 |  | $ | 10,090,000 |

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