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GOODWILL | 9 Months Ended
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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.

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