GOODWILL

12 Months Ended

Dec. 31, 2021

Following Table Summarizes Changes In Companys Goodwill For Years Ended December 31 2021 And 2020

GOODWILL

12. GOODWILL

The Company’s goodwill relates to the acquisition of a controlling interest in Microphase on June 2, 2017 and Imperalis Holding Corp. (“Imperalis”) on December 16, 2021, and the acquisitions of Enertec on May 22, 2018, and Relec on November 30, 2020. The following table summarizes the changes in the Company’s goodwill for the years ended December 31, 2021 and 2020:

	Goodwill
Balance as of January 1, 2020	$	8,101,000
Acquisition of Relec		1,148,000
Effect of exchange rate changes		397,000
Balance as of January 1, 2021		9,646,000
Acquisition of Imperalis		278,000
Effect of exchange rate changes		166,000
Balance as of December, 2021	$	10,090,000