Annual report pursuant to Section 13 and 15(d)

Goodwill (Notes)

Goodwill (Notes)

12 Months Ended

Dec. 31, 2019

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, 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
Impairment loss-Sale of assets, Note 5	—		(3,693,198		)	(3,693,198		)
Balance at December 31, 2019	$	40,870	$	5,240,997		$	5,281,867

The Company recorded an impairment loss of $4,390,590 following the performance of its 2018 annual goodwill impairment test. The impairment loss represented 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.

Following a goodwill impairment charge in 2018 which reduced the carrying value of the energy production reporting unit including goodwill to fair value based on discounted cash flows, exclusion of the discounted cash flows related to the assets sold during the year ended December 31, 2019 resulted in impairment of the remaining goodwill assigned to the energy production reporting unit in an amount proportionate to the discounted cash flows related to the assets sold. The goodwill impairment as a result of the sales and recognized in the first quarter of 2019 totaled $3,693,198, reducing the remaining carrying value of the energy production reporting unit, including goodwill to the discounted cash flow of the remaining sites or fair value. See Note 5. "Sale of Energy Producing Assets and Goodwill Impairment" for further discussion.