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Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

12. Goodwill

The Company test goodwill and indefinite-lived intangible assets for impairment annually and whenever events or circumstances arise that indicate an impairment may exist.

The Company recorded $6,760,222 of goodwill impairment for the year ended December 31, 2019 due to a sustained decrease in market price per share. At December 31, 2019, the market price per share declined to $1.29 and as such, the company tested for an impairment and concluded that the goodwill should be reduced as result of the decline in the market price per share and fair value of the reporting unit. At December 31, 2019, the goodwill was $6,326,250 and $13,086,472 for the year ended December 31, 2018.

The following table reflects changes in the carrying amount of goodwill for our reporting unit for the years ended December 31, 2019 and 2018:

Balance at January 1, 2018		$	13,086,472
Impairment			-
Balance at December 31, 2018			13,086,472
Impairment			(6,760,222	)
Balance at December 31, 2019		$	6,326,250

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- References

No definition available.

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- Definition

The entire disclosure for goodwill.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2144439

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