Annual report pursuant to Section 13 and 15(d)

GOODWILL

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GOODWILL
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
Goodwill represents the excess of the purchase price over the fair value of net identifiable assets on acquisition of a business. The
carrying value of goodwill, which is not amortized, is assessed for impairment annually, or more frequently if events or changes in circumstances arise that suggest the carrying value of goodwill may be impaired. The Company performs its annual impairment test of the carrying value of goodwill on December 31 of each year.

The Company's most recent annual assessment of the goodwill balance was performed on December 31, 2021, using the step 0 qualitative goodwill impairment assessment. The Company's assessment of goodwill did not result in an impairment charge. If the Company is not able to enter into future revenue generating agreements for Corridor, the goodwill associated with the Corridor acquisition is at risk for impairment in the amount of $14.5 million.
Goodwill as of December 31, 2021, was as follows:
Gross Carrying Amount Impairment Losses Net Carrying Value
Goodwill $ 16,210,020  $ —  $ 16,210,020 

The change in the net book value of goodwill for the years ended December 31, 2021 and 2020, was as follows:
2021 2020
As of January 1, $ 1,718,868  $ 1,718,868 
Corridor Infrastructure Trust Acquisition 14,491,152  — 
As of December 31, $ 16,210,020  $ 1,718,868