NOTE 4 — INTANGIBLE ASSETS AND GOODWILL

The Company conducted its annual impairment test of goodwill and determined that there was no impairment. The Company also tests its intangible assets and goodwill between the annual impairment test if events occur or circumstances change that would more likely than not reduce the fair value of the Company or its assets below their carrying amounts. For intangible assets subject to amortization, the Company performs its impairment test when indicators, such as reductions in demand or significant economic slowdowns, are present. No events have occurred that triggered further impairment testing of the Company’s intangible assets and goodwill during the years ended December 31, 2021, 2020 and 2019.

As of December 31, 2021 and 2020, the Company had goodwill (indefinite life) of $2.9 million. As of December 31, 2021 and 2020, all intangible assets have been fully amortized and there was no amortization expense for the respective years.