Annual report pursuant to Section 13 and 15(d)

Goodwill (Notes)

Goodwill (Notes)

12 Months Ended

Dec. 31, 2021

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




Balance at December 31, 2019	$	40,870	$	5,240,997	$	5,281,867
Impairment	—		(2,875,711)		(2,875,711)
Balance at December 31, 2020	$	40,870	$	2,365,286	$	2,406,156
Impairment	—		—		—
Balance at December 31, 2021	$	40,870	$	2,365,286	$	2,406,156

We recorded an impairment loss of $2,875,711 following the performance of our 2020 annual goodwill impairment test. The impairment loss represented the excess of the carrying value of our energy production business over the estimated fair value based on a discounted cash flow analysis. The impairment recognizes the shortening of remaining contract terms with customers without replacement and without further growth, the impact of COVID-19 on the financial performance of certain customer contracts, as well as less than expected cost savings and increased profitability from our initiatives to optimize the long-term profitability of its various site operations, and a price peak of our common stock on the date of the business combination to which the goodwill relates.

We performed a goodwill impairment test at December 31, 2021 and determined that the estimated fair value of the energy production business assets, based on a discounted cash flow analysis, exceeded the carrying value of the assets and did not record a goodwill impairment for the year 2021,

See Note 5. "Sale of Energy Producing Assets and Goodwill Impairment" for further discussion.