Goodwill

The Company’s Agricultural Products segment contains goodwill related to our acquisition of the Miller Pro product line in 2007 and our acquisition of Universal Harvester in 2012. Changes in the Company’s carrying amount of goodwill for the nine months ended August 31, 2015 are as follows:

	August 31, 2015			November 30, 2014
Balance, beginning	$	993,729		$	993,729
Accumulated impairment losses		(618,729	)		-
Balance, ending	$	375,000		$	993,729

We typically test goodwill for impairment in the fourth quarter of our fiscal year. Based on the continued decreased demand for Universal Harvester reels and a decrease in the creditworthiness of a major customer, we determined that it was appropriate to test our goodwill for impairment prior to our fourth quarter. Based on these trends, we have prepared an estimated present value of future cash flows using our projections of sales for the next five years

, which was used to evaluate the fair value of the carrying amount of the intangible asset relative to the probable future cash flows.

In August 2015, a noncash goodwill impairment loss of $618,729 was recognized in the Agricultural Products segment.