I've never understood why companies can put "goodwill" on their...

I've never understood why companies can put "goodwill" on their balance sheet for years. FLN steadily acquired millions of dollars of "goodwill" in their early years (you can see it on the early returns they filed when they went public). What does it mean that FLN is counting millions of dollars of goodwill that it had in 2009? If you pay more than FMV for some business due to a bunch of intangibles - fine - but if a decade on you're still valuing those intangibles on your balance sheet, maybe things didn't really work out. Surely by now the reputation of things FLN paid more than FMV for has either turned into revenue/value (e.g. the original purchase of GetAFreelancer) or not. Either way, why is there so much listed in intangibles?

FLN's balance sheet is kept in the black for total assets vs total liabilities by this very optimistic valuation of goodwill and domain names ($A34M). I can't see the domains held by FLN being worth much, if anything, to anyone but FLN, and it seems very unlikely that the collected "intangible" value of the things FLN has purchased is $34M.

Total equity is $31M, so the value of FLN would be underwater if you didn't count 'intangibles and domain names'. Is that normal?