Post-effective amendment to a registration statement that is not immediately effective upon filing


3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  

7. Goodwill



March 31,



December 31,


Opening balance   $ 1,663,120     $ 1,663,385  
Foreign exchange movements     (144 )     (265 )
Closing balance   $ 1,662,976     $ 1,663,120  


Goodwill represents the excess purchase price paid over the fair value of assets acquired, including any other identifiable intangible assets.


The Company evaluates goodwill for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Goodwill impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value and the impairment is deemed to be permanent in nature.