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GOODWILL
9 Months Ended
Sep. 30, 2022
GOODWILL  
GOODWILL

NOTE 6 — GOODWILL

 

The changes in goodwill is as follows:

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Opening balance

 

$6,140,465

 

 

$1,367,109

 

Additions/(Reductions) (1)

 

 

(2,519,012)

 

 

4,773,356

 

Goodwill

 

$3,621,453

 

 

$6,140,465

 

 

(1) Additions ending December 31, 2021 totaling $4,773,356 is a combination of the CExchange Transaction on June 9, 2021 of $1,282,072 and the Avail Transaction’s preliminary purchase price allocation on October 29, 2021, of $3,491,284. The reduction in goodwill of $2,519,012 for the nine months ending September 30, 2022, is a combination of an additional cash payment made on May 31, 2022 of $216,988, which increased goodwill for the Avail Transaction, offset by the effect of the third party valuation report identifying $2,736,000 of intangible assets that were not initially included in the fair value of Avail’s net assets, reducing goodwill and increasing intangible assets.