ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Orangelife [Member]

Business Acquisition [Line Items]

Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of November 25, 2019:

	Amount
Net current assets	$	320,293
Property, plant and equipment and other assets		226,035
Inventory		289,205
Goodwill		986,058
Deferred tax liability		(50,000	)
Other intangible assets (estimated useful life):
Trade name (0.5 years)		5,000
Customer contracts / relationships (5 years)		195,000
Total consideration	$	1,971,591

Unaudited Pro forma Operating Results

The following represents pro forma operating results for the year ended December 31, 2019 as if the operations of Orangelife had been included in the Company’s Consolidated Statements of Operations as of January 1, 2019. This pro forma financial information is unaudited and presented for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred if the acquisition of Orangelife and the other transactions contemplated by this acquisition had been completed as of January 1, 2019, nor is it necessarily indicative of the future operating results of Chembio Diagnostics and Orangelife on a combined and consolidated basis.

	Unaudited Proforma December 31, 2019
Total revenues	$	35,157,248
Net loss	$	(13,654,001	)
Net loss per common share	$	(0.80	)
Diluted net loss per common share	$	(0.80	)

opTricon [Member]

Business Acquisition [Line Items]

Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of November 6, 2018:

	Amount
Net current assets	$	404,204
Property, plant and equipment		125,000
Goodwill		3,383,112
Deferred tax liability		(681,112	)
Other intangible assets (estimated useful life):
Developed technology (7 years)		1,900,000
Customer contracts / relationships (10 years)		360,000
Total consideration	$	5,491,204

Unaudited Pro forma Operating Results

The following represents unaudited pro forma operating results for the year ended December 31, 2018 as if the operations of opTricon had been included in the Company’s Consolidated Statements of Operations as of January 1, 2018:

	Proforma
	December 31, 2018
Total revenues	$	36,614,995
Net loss	$	(8,394,074	)
Net loss per common share	$	(0.58	)
Diluted net loss per common share	$	(0.58	)