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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Disaggregation of Revenue
The following tables disaggregate Total Revenues for the year ended December 31, 2019, by type of transaction and by geography:

  
Exchange
Transactions
  
Non-Exchange
Transactions
  
Total
 
Net product sales
 
$
28,844,997
  
$
–
  
$
28,844,997
 
R&D, milestone and grant revenue
  
3,321,031
   
1,359,251
   
4,680,282
 
License and royalty revenue
  
938,753
   
–
   
938,753
 
  
$
33,104,781
  
$
1,359,251
  
$
34,464,032
 

Exchange transactions are recognized in accordance with ASC 606, while non-exchange transactions are recognized in accordance with ASU No. 2018-08.

  
Total
 
Africa
 
$
7,564,360
 
Asia
  
888,800
 
Europe & Middle East
  
6,498,995
 
Latin America
  
11,808,768
 
United States
  
7,703,109
 
  
$
34,464,032
 

The following tables disaggregate Total Revenues for the year ended December 31, 2018, by type of transaction and by geography:

  
Exchange
Transactions
  
Non-Exchange
Transactions
  
Total
 
Net product sales
 
$
27,913,209
  
$
–
  
$
27,913,209
 
R&D, milestone and grant revenue
  
2,687,210
   
3,032,248
   
5,719,458
 
License and royalty revenue
  
948,773
   
–
   
948,773
 
  
$
34,581,440
  
$
3,032,248
  
$
34,581,440
 

Exchange transactions are recognized in accordance with ASC 606, while non-exchange transactions are recognized in accordance with ASU No. 2018-08.

  
Total
 
Africa
 
$
8,838,632
 
Asia
  
1,404,982
 
Europe & Middle East
  
4,895,273
 
Latin America
  
12,546,083
 
United States
  
6,896,470
 
  
$
34,581,440
 
Changes in Goodwill
Following is a table that reflects changes in Goodwill:

Beginning balance January 1, 2019
 
$
4,983,127
 
Acquisition of Orangelife
  
986,058
 
Chembio Diagnostics GmbH measurement period adjustment
  
(99,648
)
Changes in foreign currency exchange rate
  
3,153
 
Balance at December 31, 2019
 
$
5,872,690
 
Intangible Assets
Intangible assets consist of the following at:



 
Weighted Average
Remaining Life
 
December 31, 2019
  
December 31, 2018
 
Cost
  
Accumulated
Amortization
  
Net
Book Value
  
Cost
  
Accumulated
Amortization
  
Net
Book Value
 
Intellectual property
  
6
  
$
1,418,681
  
$
299,232
  
$
1,119,449
  
$
1,089,688
  
$
173,633
  
$
916,055
 
Developed technology
  
6
   
1,922,682
   
266,550
   
1,656,132
   
1,910,315
   
–
   
1,910,315
 
Customer contracts/relationships
  
7
   
1,325,521
   
270,902
   
1,054,619
   
1,121,600
   
151,929
   
969,671
 
Trade names
  
8
   
114,946
   
30,794
   
84,152
   
108,521
   
19,731
   
88,790
 
      
$
4,781,830
  
$
867,478
  
$
3,914,352
  
$
4,230,124
  
$
345,293
  
$
3,884,831