Abeona Therapeutics Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

GOODWILL

GOODWILL

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 – GOODWILL

As of December 31, 2021 and 2020, goodwill of nil and $32.5 million, respectively, was recorded on the Company’s consolidated balance sheet. The changes in the carrying amount of goodwill are as follows:

SCHEDULE OF GOODWILL

	For the years ended December 31,
	2021			2020
Goodwill at the beginning of the year	$	32,466,000		$	32,466,000
Goodwill impairment charge		(32,466,000	)		-
Goodwill at the end of the year	$	-		$	32,466,000

We completed our annual goodwill impairment test as of year-end 2021 and determined that the carrying value of our net assets exceeded fair value using our market capitalization as a proxy for fair value. In accordance with ASC 350, we recognized an impairment loss for the excess of the carrying value over the fair value but limited to the total amount of goodwill recorded on our consolidated balance sheet. As a result, we recorded a goodwill impairment charge of $32.5 million for the year ended December 31, 2021.

We completed our annual goodwill impairment test as of year-end 2020 and determined that the fair value of our net assets exceeded the carrying value. As a result, the Company did not recognize any impairment charges related to goodwill for the year ended December 31, 2020.