Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill

The following table summarizes the changes in the Company’s carrying value of goodwill during the nine months ended September 30, 2022:

Balance, December 31, 2021	$	44,127
Translation adjustments (1)	(4,022)
Balance, September 30, 2022	$	40,105

(1) The translation adjustment was calculated based on the foreign currency exchange rates as of September 30, 2022.

The Company (the reporting unit) performed its 2022 annual impairment test effective July 1, 2022 and noted no impairment. Based on the valuation as of July 1, 2022, the fair value of the Company exceeded its carrying value. This was determined by using the price offered by the transacting company of $3.40 per share and multiplying it by the market cap as of July 1, 2022.