13.

GOODWILL

Goodwill is comprised of the following.

GOODWILL

(Dollars in Thousands)

	As of December 31,
	2020		2019
AFN	$	109	$	109
JVB		-		7,883
Goodwill	$	109	$	7,992

The Company measures its goodwill impairment on an annual basis or when events indicate that goodwill

may

be impaired. The Company performs its annual impairment tests of AFN goodwill on

October 1

of each year; and JVB goodwill on

January 1

of each year.

JVB Goodwill

The annual impairment testing date for the JVB goodwill is

January 1.

The

first

testing date after the acquisition was

January 1, 2012.

In the

first

quarter of

2020,

the Company determined that the financial market volatility that resulted from the COVID-

pandemic was a triggering event that required a reassessment of the goodwill related to JVB. See note

The Company performed a valuation of JVB as of

March 31, 2020

by applying equal weighting to both the income approach and the market approach. Under the guidance of FASB ASC

350,

the Company determined that the fair value of JVB was less than the carrying value (including the goodwill). As a result, the Company recognized an impairment loss of

$7,883

for the

twelve

months ended

December 31, 2020.

The impairment loss is included in the consolidated statements of operations as impairment of goodwill and is reflected as a component of operating expense. The Company determined goodwill was

not

impaired as of

January 1, 2019

and

2018.

See note

AFN Goodwill

The annual impairment testing date for the AFN goodwill is

October

The

first

testing date following the Merger was

October

2010.

The Company determined the goodwill was

not

impaired as of

2020

2019

, and

2018

The Company concluded there was

triggering event for the goodwill related to AFN.