Contingent Acquisition Consideration

12 Months Ended

Dec. 31, 2020

Loss Contingency [Abstract]

CONTINGENT ACQUISITION CONSIDERATION

NOTE 16 – CONTINGENT ACQUISITION CONSIDERATION

Contingent acquisition consideration as of December 31, 2020 and 2019 was comprised of the following:

	Year Ended December 31,
	2020		2019
Fair value of HCFM contingent acquisition consideration	$	301,236	$	500,000
Fair value of CHM contingent acquisition consideration		682,661		---
Fair value of MOD contingent acquisition consideration		516,543		---
	$	1,500,440	$	500,000

Contingent acquisition consideration relates to future earn-out payments potentially payable related to the Company’s acquisitions of HCFM, CHM and MOD. The terms of the earn-outs related to each acquisition require the Company to pay the former owners additional acquisition consideration for the achievement of prescribed revenue and/or earnings targets for performance of the underlying business for up to four years after the respective acquisition date. Contingent acquisition consideration for each entity is recorded at fair value using a probability-weighted discounted cash flow projection. The fair value of the contingent acquisition consideration is remeasured at the end of each reporting period and changes are included in the statement of operations under the caption “Change in fair value of contingent acquisition consideration.” Change in fair value of contingent acquisition consideration was $75,952 and $-0- during the years ended December 31, 2020 and 2019, respectively.

Maturities of contingent acquisition consideration were as follows as of December 31, 2020:

2021	$	701,961
2022		391,630
2023		201,480
2024		205,369
	$	1,500,440