GOODWILL (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The table below sets forth the carrying amount of goodwill for March 31, 2024 and December 31, 2023.

	As of March 31, 2024			As of December 31, 2023

Gross carrying amount	$	—		$	—
Acquired in business combination ⁽¹⁾		55,794,524			55,794,524
Total		55,794,524			55,794,524
Accumulated impairment	$	(39,136,871	)	$	—
Impairment ⁽²⁾		—			(39,136,871	)
		—			—

Goodwill, net	$	16,657,653		$	16,657,653

(1)

Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

(2)

The Company has adopted a policy of performing its annual goodwill impairment test in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, the Company estimated the fair value of our FintechAsia reporting unit using the income approach. In the annual 2023 test, the FintechAsia reporting unit exceeded the carrying values by more than 50 percent. The Company performed a qualitative test on our FintechAsia reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Fintech Scion Ltd 10-Q