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Impairment Loss of Findex Legacy Software Segment
12 Months Ended
Dec. 31, 2016
Impairment Loss of Findex Legacy Software Segment [Abstract]  
IMPAIRMENT LOSS OF FINDEX LEGACY SOFTWARE SEGMENT

NOTE 13 – IMPAIRMENT LOSS OF FINDEX LEGACY SOFTWARE SEGMENT

 

As required by ASC 350, Goodwill and Other Intangible Assets, the Company tests goodwill for impairment during the fourth quarter of its fiscal year. Goodwill is not amortized, but instead tested for impairment at the reporting unit level at least annually and more frequently upon occurrence of certain events. The Company has one reporting unit. The annual goodwill impairment test is a two-step process. First, the Company determines if the carrying value of its reporting unit exceeds fair value, which would indicate that goodwill may be impaired. If the Company then determines that goodwill may be impaired, it compares the implied fair value of the goodwill to its carrying amount to determine if there is an impairment loss. For the year ended December 31, 2015, the Company recognized $1,433,465 of goodwill impairment expense related to the Findex legacy software segment which is no longer being actively pursued, and has treated it as an Impairment loss of Findex legacy software segment on our Consolidated Statement of Operations. See Note 1.