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GOODWILL | 12 Months Ended
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Dec. 31, 2023
GOODWILL |
GOODWILL | NOTE 6 — GOODWILL The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022, are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Opening balance |  | $ | 3,621,453 |  |  | $ | 6,140,465 |
Additions (reductions) (1) |  |  | 300,000 |  |  |  | (2,519,012 | )
|  | $ | 3,921,453 |  |  | $ | 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, 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 increase in goodwill of $300,000 for Fiscal 2023 is the purchase price of the Kretchmer Transaction.
The Company’s goodwill is related to both the consumer and commercial segments. 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, 2023 and 2022. There have been no other adjustments or impairment charges to goodwill. As of December 31, 2023, and December 31, 2022, goodwill as reported in the consolidated balance sheets was $3,921,453 and $3,621,453, respectively.

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