Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2020

Goodwill And Intangible Assets Net

Goodwill and Intangible Assets, Net

7. Goodwill and Intangible Assets, Net

Goodwill

As of March 31, 2020 and December 31, 2019, the Company’s carrying amount of goodwill was $1,989,000, all of which came from the Company’s acquisition of WP.

Intangible Assets, Net

As of March 31, 2020 and December 31, 2019, the Company had intangible assets consisting of WP’s customer relationships and WP’s trade name, the fair values of which were $987,000 and $70,000, respectively, as of the acquisition date. Pursuant to the Company’s agreement with the original owners of WP, the Company agreed to discontinue using the name of Weeden Prime Services, LLC and filed to change it to WPS Prime Services, LLC in May 2020.

Impairment

For the three months ended March 31, 2020, management concluded that there have been no impairments to the carrying value of the Company’s goodwill and other tangible and intangible assets.