Quarterly report pursuant to Section 13 or 15(d)

8. Goodwill

v3.22.2.2
8. Goodwill
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
8. Goodwill

8. Goodwill

 

   

September 30,

2022

  

December 31,

2021
Opening balance   $ 28,687,051     $ 1,663,120  
Acquisition of Bookmakers Company US, LLC     —         27,024,383  
Foreign exchange movements     (288 )     (452 )
      28,686,763       28,687,051  
Accumulated Impairment charge                
Opening Balance January 1     (12,522,714 )     —    
Impairment charge     —         (12,522,714 )
Closing Balance     (12,522,714 )     (12,522,714 )
                 
Goodwill net of impairment charge   $ 16,164,049     $ 16,164,337  

  

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.