GOODWILL

12 Months Ended

Dec. 31, 2022

GOODWILL

GOODWILL

NOTE 6 — GOODWILL

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021, are as follows:

	Year Ended December 31,
	2022			2021
Opening balance	$	6,140,465		$	1,367,109
Additions (reductions) (1)		(2,519,012	)		4,773,356
	$	3,621,453		$	6,140,465

(1) Additions for Fiscal 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 Fiscal 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 reduction of goodwill related to the Avail Transaction by management 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.

The Company’s goodwill is related to the ECHG segment. Goodwill is evaluated for impairment annually in the fourth quarter, or when there is reason to believe that the value has been diminished or impaired. Based on the Company’s evaluations, no impairment was required as of December 31, 2022 and 2021.