Goodwill

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

7. GOODWILL

Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company evaluates goodwill on an annual basis in the fourth quarter and when management believes indicators of impairment exist. Due to the continued operating losses and cash flow deficiencies during 2015, the Company assessed qualitative factors and determined that it could not conclude it was more likely than not that the fair value of its goodwill exceeded its carrying value for the goodwill recorded. Accordingly, the Company proceeded to a quantitative evaluation of potential impairment of its goodwill. This evaluation was based on the income (or discounted cash flows) approach which concluded goodwill to be impaired in its entirety at December 31, 2015.

The following table details the changes in the carrying amount of goodwill for the years ended December 31:

	2016		2015
Beginning Balance	$	-	$	1,750,454
Impairment		-		(1,750,454	)
Ending Balance	$	-	$	-