Annual report pursuant to Section 13 and 15(d)

Goodwill (Notes)

Goodwill (Notes)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill by reportable segment during the year was as follows:



	Product and Service		Energy Production			Total Company
Balance at December 31, 2016	$	40,870	$	—		$	40,870
Acquisitions			13,324,785			13,324,785
Balance at December 31, 2017	40,870		13,324,785			13,365,655
Impairment loss	—		(4,390,590		)	(4,390,590		)
Balance at December 31, 2018	$	40,870	$	8,934,195		$	8,975,065

The Company recorded an impairment loss of $4,390,590 following the performance of its 2018 annual goodwill impairment test. The impairment loss represents the excess of the carrying value of the Company's energy production reporting unit, including goodwill, over its estimated fair value based on discounted cash flow analysis. The impairment recognizes the shortening of remaining contract terms with customers without replacement and without further growth, as well as less than expected cost savings and increased profitability from the Company's initiative to optimize the long-term profitability of its various site operations, and a price peak of the Company's stock on the date of the business combination to which the goodwill relates (see also Note 18 "Subsequent events").