Annual report pursuant to Section 13 and 15(d)

GOODWILL

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GOODWILL
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL

NOTE 5 – GOODWILL

 

The following table provides a summary of the changes in the carrying amount of goodwill (in thousands):

 

    As of December 31,  
    2022     2021  
             
Goodwill at the beginning of the year   $ —     $ 32,466  
Less impairment charge     —       (32,466 )
Goodwill at the end of the year   $ —     $ —  

 

As there was no recorded goodwill as of December 31, 2022, the Company did not perform its annual goodwill impairment test for 2022. The Company completed its annual goodwill impairment test as of year-end 2021 and determined that the carrying value of its net assets exceeded fair value using its market capitalization as a proxy for fair value. In accordance with ASC 350, the Company 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 its consolidated balance sheet. As a result, the Company recorded a goodwill impairment charge of $32.5 million for the year ended December 31, 2021.