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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Liabilities Measured at Fair Value

The following tables summarize the liabilities that are measured at fair value as of June 30, 2021 and December 31, 2020:

		As of June 30, 2021
Description		Level 1				Level 2				Level 3
Liabilities:
Contingent consideration			-				-			$	19,290,000
Total		$	-			$	-			$	19,290,000

		As of December 31, 2020
Description		Level 1				Level 2				Level 3
Liabilities:
Contingent consideration			-				-			$	20,110,000
Total		$	-			$	-			$	20,110,000

Liabilities Measured at Fair Value Using Level 3 Inputs

During the six months ended June 30, 2021, the Company adjusted the carrying amount of its contingent consideration liabilities as follows:

		Other Liabilities: Contingent Consideration
Balance as of December 31, 2020		$	20,110,000
Fair value adjustments included in operating expenses			(820,000	)
Balance as of June 30, 2021		$	19,290,000

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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