Annual report pursuant to Section 13 and 15(d)

Goodwill and In-process R&D

v3.19.1
Goodwill and In-process R&D
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and In-process R&D

7.

Goodwill and In-process R&D


The following table provides a rollforward of the Company’s goodwill as of December 31, 2017 and 2018:


 

 

Goodwill

 

Goodwill from acquisition of Pelican

 

$

2,189,338

 

Balance at December 31, 2017

 

 

2,189,338

 

Purchase accounting adjustments

 

 

—

 

Balance at December 31, 2018

 

$

2,189,338

 


The following table provides a rollforward of the Company’s in-process R&D as of December 31, 2017 and 2018:


 

 

In-process R&D

 

In-process R&D from acquisition of Pelican

 

$

5,866,000

 

Balance at December 31, 2017

 

 

5,866,000

 

Purchase accounting adjustments

 

 

—

 

Balance at December 31, 2018

 

$

5,866,000

 


The Company performed a qualitative assessment for goodwill and IPR&D during the annual impairment review for fiscal 2018 as of December 31, 2018 and concluded that it was more likely than not that the fair value of the Company’s single reporting unit and IPR&D are greater than their carrying amount. Therefore, the two-step goodwill impairment test and the two-step IPR&D impairment test for the reporting unit was not necessary at December 31, 2018 and 2017, respectively.