4. GOODWILL

Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets.

As of December 31, 2018, the Company’s carrying value of its net assets exceeded its market capitalization. The Company adopted ASU No, 2017‑04 during the year ended December 31, 2018, therefore, no additional calculation was necessary.

As a result of this test the Company’s total goodwill was determined to be impaired and an impairment charge of $1,675,462 was recorded for the year ended December 31, 2018. The Company had no remaining goodwill as of December 31, 2019 or 2018.