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GOODWILL
6 Months Ended
Jun. 30, 2023
GOODWILL  
GOODWILL

NOTE 5 — GOODWILL

 

The change in goodwill is as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Opening balance

 

$3,621,453

 

 

$6,140,465

 

Reductions (1)

 

 

-

 

 

 

(2,519,012)

 

 

 

 

 

 

 

 

 

Goodwill

 

$3,621,453

 

 

$3,621,453

 

 

(1) 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, increasing goodwill for the Avail Transaction, offset by the effect of identifying $2,736,000 of intangible assets that was not initially included in the fair value of Avail’s net assets, reducing goodwill and increasing intangible assets.