Annual report pursuant to Section 13 and 15(d)

Goodwill (Notes)

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Goodwill (Notes)
 12 Months Ended
Dec. 31, 2017
Goodwill [Line Items]  
Goodwill Disclosure [Text Block]
Goodwill
There were no changes in the carrying amount of goodwill for the year ended December 31, 2016. The change in the carrying amount of goodwill by segment for the year ended December 31, 2017 was as follows: 
 
Specialty Chemicals Segment
 
Metals Segment
 
Total
Balance at December 31, 2016
$
1,354,730

 
$
—

 
$
1,354,730

Acquisition of MUSA
—

 
4,648,795

 
4,648,795

Balance at December 31, 2017
$
1,354,730

 
$
4,648,795

 
$
6,003,525


In 2015, the fair value of all reporting units exceeded their carrying value. However, the impairment of the Specialty and Palmer reporting units was primarily driven by the significant compression of the Company's stock price as a result of temporary business declines being experienced in the Metals Segment. These declines primarily related to lower oil prices that caused significantly reduced demand for Palmer and Specialty's products and, secondarily, related to lowered nickel surcharges which affected both pounds shipped and selling prices for the BRISMET reporting unit. Other companies in the oil and gas sector were similarly affected as a result of declining commodity prices. This temporary business decline resulted in a significant gap between the fair value of the Company based on the discounted cash flow analysis and the market capitalization of the Company as of December 31, 2015. Therefore, the Company recorded a goodwill impairment charge of $17,158,249 for the Palmer and Specialty operations during the fourth quarter of 2015 resulting in no goodwill remaining in the Metals Segment as of December 31, 2015.