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Goodwill | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Note 3 - Goodwill As of March 31, 2021 and December 31, 2020, goodwill was $7,367,000, comprised of amounts recorded in connection with the October 1, 2019 Acquisition of Oblong Industries. We test goodwill for impairment on an annual basis on September 30 of each year, or more frequently if events occur or circumstances change indicating that the fair value of the goodwill may be below its carrying amount. The Company operates two reporting segments, Oblong (formerly Glowpoint) and Oblong Industries. In March 31, 2020, we considered the novel Coronavirus (COVID-19) pandemic and resulting declines in certain of the Company’s revenue to be a triggering event for an interim goodwill impairment test for both reporting units. To determine the fair value of each reporting unit, as of March 31, 2020 for the goodwill impairment tests, we used a weighted average of the discounted cash flow method and a market-based method (comparing the Company’s equity and analyzing multiples of revenue for comparable companies). For the Oblong Industries reporting unit, the fair value of the reporting unit exceeded its carrying amount, therefore no impairment charge was required. For the Oblong (formerly Glowpoint) reporting unit, we recorded an impairment charge on goodwill of $541,000 for the three months ended March 31, 2020 as the carrying amount of the reporting unit exceeded its fair value on the test date. This charge is recognized as an impairment charge on our condensed consolidated Statements of Operations. There were no such triggering events during the three months ended March 31, 2021, therefore, no impairment charges were recorded. The activity in goodwill during the three months ended March 31, 2021 and the year ended December 31, 2020 is shown in the following table ($ in thousands):
Goodwill | Oblong (formerly Glowpoint) |  | Oblong Industries |  | Total
Balance December 31, 2019 | $ | 541 |  |  | $ | 7,367 |  |  | $ | 7,908 |
Impairment charges | (541) |  |  | — |  |  | (541) |
Balance December 31, 2020 | — |  |  | 7,367 |  |  | 7,367 |
Balance March 31, 2021 | $ | — |  |  | $ | 7,367 |  |  | $ | 7,367 |
In the event we experience future declines in our revenue, cash flows and/or stock price, this may give rise to a triggering event that may require the Company to record additional impairment charges on goodwill in the future.

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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 + Details
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