Registration statement for securities of certain foreign private issuers

GOODWILL

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GOODWILL
 12 Months Ended
Dec. 31, 2022
GOODWILL

NOTE 12 — GOODWILL

 

Changes in goodwill are as follows during the years ended December 31, 2022 and 2021:

 

Balance as of December 31, 2020   $ 1,209,953  
Additions - Foreign currency translation     110,147  
Balance as of December 31, 2021     1,320,100  
Less: Foreign currency translation     (113,150 )
Additions - Goodwill on new acquisitions     50,399,733  
Less: Impairment     (20,053,893 )

Less: Goodwill tax adjustment

    

136,097
    $ 31,688,887  

 

Goodwill is allocated to the Company’s cash-generating units. The recoverable amounts of these cash- generating units have been determined based on value in use calculations. Other assumptions included in value in use calculations are closely linked to entity-specific key performance indicators. Based on the discounted cash flows of the cash generating units, the Company wrote off $20.1 million as of December 31, 2022. The cash generating units impaired were Property Investors Network of $5.8 million, University of Antelope Valley of $10.4 million, E-Squared Education of $2.3 million and Entrepreneurs Resort Ltd of $1.6 million due to a decrease in the fair value of the subsidiary based on a discounted cash flow model. See Note 4 — Business Combinations for additional details related to goodwill.