12. GOODWILL

Goodwill consisted of the following.


GOODWILL
(Dollars in Thousands)

	March 31, 2020		December 31, 2019
AFN	$	109	$	109
JVB		-		7,883
Goodwill	$	109	$	7,992

The Company measures its goodwill impairment on an annual basis or when events indicate that goodwill may be impaired. The Company performs its annual impairment tests of AFN goodwill on October 1 of each year; and JVB goodwill on January 1 of each year.

In the first quarter of 2020, the Company determined that the financial market volatility that resulted from the COVID-19 pandemic was a triggering event that required a reassessment of the goodwill related to JVB. See note 4. The Company concluded there was no triggering event for the goodwill related to AFN.

The Company performed a valuation of JVB as of March 31, 2020 by applying equal weighting to both the income approach and the market approach. Under the guidance of FASB ASC 350, the Company determined that the fair value of JVB was less than the carrying value (including the goodwill). As a result, the Company recognized an impairment loss of $7,883 in the three months ended March 31, 2020. The impairment loss is included in the consolidated statements of operations as impairment of goodwill and is reflected as a component of operating expense.