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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes in Fair Value of Earnout Liabilities

The following table provides a summary of the changes in fair value of the earnout liabilities for the years ended December 31, 2023 and 2022:

	Year ended December 31, 2023
Fair value at January 1, 2023	$	700,000
Fair value, beginning balance	$	700,000
Payments		(700,000	)
Fair value at December 31, 2023	$	-
Fair value, ending balance	$	-

	Year ended December 31, 2022
Fair value at January 1, 2022	$	1,630,681
Fair value, beginning balance	$	1,630,681
Payments		(1,018,333	)
Change in fair value		87,652
Fair value at December 31, 2022	$	700,000
Fair value , ending balance	$	700,000

The fair values of amounts owed are recorded in the current portions of earnout liabilities in our consolidated balance sheets. Changes in fair value are recorded in change in fair value of earnout liabilities in our consolidated statements of income.