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GOODWILL | 6 Months Ended
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Jun. 30, 2023
Disclosure Goodwill Abstract |
GOODWILL | 10. GOODWILL The following table summarizes the changes in the Company’s goodwill for the six months ended June 30, 2023:
Schedule of goodwill |  |  |  |
|  | Goodwill |
Balance as of January 1, 2023 |  | $ | 27,902,000 |
Acquisition of BMI |  |  | 17,000 |
Impairment of goodwill |  |  | (18,570,000 | )
Effect of exchange rate changes |  |  | (191,000 | )
Balance as of June 30, 2023 |  | $ | 9,158,000 |
Impairment of AVLP Goodwill The Company tests the recorded amount of goodwill for impairment on an annual basis on December 31 or more frequently if there are indicators that the carrying amount of the goodwill exceeds its carried value. The Company performed a goodwill impairment test as of June 30, 2023 related to AVLP as there were indicators of impairment related to certain unforeseen business developments and changes in financial projections. The valuation of the AVLP reporting unit was determined using a market and income approach methodology of valuation. The income approach was based on the projected cash flows discounted to their present value using discount rates, that in the Company’s judgment, consider the timing and risk of the forecasted cash flows using internally developed forecasts and assumptions. Under the income approach, the discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. The analysis included assumptions regarding AVLP’s revenue forecast and discount rates of 26.7% using a weighted average cost of capital analysis. The market approach utilized the guideline public company method. The results of the quantitative test indicated the fair value of the AVLP reporting unit did not exceed its carrying amounts, including goodwill, in excess of the carrying value of the goodwill. As a result, the entire $18.6 million carrying amount of AVLP’s goodwill was recognized as a non-cash impairment charge during the six months ended June 30, 2023.

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