|12 Months Ended|
Dec. 31, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
Note 10 — Goodwill
The changes in the carrying amount of goodwill for the year ended December 31, 2021 consisted of the following:
Schedule of Goodwill
The Company recorded an impairment charge of $591,729 and $0 for the years ended December 31, 2021 and 2020, respectively, related to our annual goodwill impairment assessment. The impairment was a result of limited expected future cash flows related to our TBD Safety, LLC businesses acquired in 2020 resulting from the Company no longer allocating resources to the business. The Company utilized the simplified test for goodwill impairment. The amount recognized for impairment is equal to the difference between the carrying value and the asset’s fair value. The valuation methods used in the quantitative fair value assessment was a discounted cash flow method and required management to make certain assumptions and estimates regarding certain industry trends and future profitability of our reporting units.
The entire disclosure for goodwill.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef