| INTANGIBLE ASSETS |
NOTE
15 — INTANGIBLE ASSETS
The
Company’s intangible assets consist of costs incurred in connection with the development of the Company’s digital education
software platform, the acquisition of customer relationships and trademarks.
SCHEDULE
OF INTANGIBLE ASSETS
| |
|
Cost |
|
|
Accumulated depreciation |
|
|
Impairment |
|
|
Carrying amount as of December 31 2024 |
|
|
Cost |
|
|
Adjustment |
|
|
Accumulated depreciation |
|
|
Impairment |
|
|
Carrying amount as of December 31 2023 |
|
| GeniusU software platform |
|
$ |
4,486,619 |
|
|
$ |
(3,095,867 |
) |
|
$ |
(1,084,613 |
) |
|
$ |
306,139 |
|
|
$ |
3,993,719 |
|
|
$ |
— |
|
|
$ |
(2,510,139 |
) |
|
$ |
(1,084,613 |
) |
|
$ |
398,967 |
|
| Trade names, trademarks and domain names |
|
|
7,632,945 |
|
|
|
(11,514 |
) |
|
|
(194,531 |
) |
|
|
7,426,900 |
|
|
|
6,932,945 |
|
|
|
700,000 |
|
|
|
— |
|
|
|
- |
|
|
|
7,632,945 |
|
| Film Library |
|
|
4,600,000 |
|
|
|
(1,217,646 |
) |
|
|
(939,964 |
) |
|
|
2,442,390 |
|
|
|
- |
|
|
|
4,600,000 |
|
|
|
(676,470 |
) |
|
|
- |
|
|
|
3,923,530 |
|
| Customer list |
|
|
4,200,000 |
|
|
|
(1,890,000 |
) |
|
|
(641,954 |
) |
|
|
1,668,046 |
|
|
|
- |
|
|
|
4,200,000 |
|
|
|
(1,050,000 |
) |
|
|
- |
|
|
|
3,150,000 |
|
| Customer Relationship |
|
|
340,000 |
|
|
|
(262,691 |
) |
|
|
(7,688 |
) |
|
|
69,621 |
|
|
|
8,964,000 |
|
|
|
(8,624,000 |
) |
|
|
(194,691 |
) |
|
|
- |
|
|
|
145,309 |
|
| |
|
$ |
21,259,564 |
|
|
$ |
(6,477,718 |
) |
|
$ |
(2,868,750 |
) |
|
$ |
11,913,096 |
|
|
$ |
19,890,664 |
|
|
$ |
876,000 |
|
|
$ |
(4,431,300 |
) |
|
$ |
(1,084,613 |
) |
|
$ |
15,250,751 |
|
A
reconciliation of intangible assets for the years ended December 31, 2024 and 2023 are as follows:
SCHEDULE OF RECONCILIATION OF INTANGIBLE ASSETS
| |
|
Balance as of December 31, 2023 |
|
|
Software Development Additions |
|
|
Amortization Expense |
|
|
Impairment |
|
|
Balance as of December 31, 2024 |
|
| GeniusU software platform |
|
$ |
2,909,106 |
|
|
$ |
492,900 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,402,006 |
|
| Trade names, trademarks and domain names |
|
|
7,632,945 |
|
|
|
- |
|
|
|
(11,514 |
) |
|
|
(194,531 |
) |
|
|
7,426,900 |
|
| Film Library |
|
|
3,923,530 |
|
|
|
- |
|
|
|
(541,176 |
) |
|
|
(939,964 |
) |
|
|
2,442,390 |
|
| Customer List |
|
|
3,150,000 |
|
|
|
- |
|
|
|
(840,000 |
) |
|
|
(641,954 |
) |
|
|
1,668,046 |
|
| Customer Relationship |
|
|
145,309 |
|
|
|
- |
|
|
|
(68,000 |
) |
|
|
(7,688 |
) |
|
|
69,621 |
|
| Accumulated amortization |
|
|
(2,510,139 |
) |
|
|
- |
|
|
|
(585,728 |
) |
|
|
- |
|
|
|
(3,095,867 |
) |
| Net carrying value |
|
$ |
15,250,751 |
|
|
$ |
492,900 |
|
|
$ |
(2,046,418 |
) |
|
$ |
(1,784,137 |
) |
|
$ |
11,913,096 |
|
| |
|
Balance |
|
|
Software Development Additions |
|
|
Adjustments |
|
|
Amortization Expense |
|
|
Balance |
|
| |
|
Balance as of December 31, 2022 |
|
|
Software Development Additions |
|
|
Adjustments |
|
|
Amortization Expense |
|
|
Balance as of December 31, 2023 |
|
| GeniusU software platform |
|
$ |
2,470,878 |
|
|
$ |
438,228 |
|
|
|
- |
|
|
$ |
— |
|
|
$ |
2,909,106 |
|
| Trade names, trademarks and domain names |
|
|
6,932,945 |
|
|
|
— |
|
|
|
700,000 |
|
|
|
— |
|
|
|
7,632,945 |
|
| Film Library |
|
|
- |
|
|
|
- |
|
|
|
4,600,000 |
|
|
|
(676,470 |
) |
|
|
3,923,530 |
|
| Customer List |
|
|
— |
|
|
|
— |
|
|
|
4,200,000 |
|
|
|
(1,050,000 |
) |
|
|
3,150,000 |
|
| Customer Relationship |
|
|
8,642,168 |
|
|
|
— |
|
|
|
(8,624,000 |
) |
|
|
127,141 |
|
|
|
145,309 |
|
| Accumulated amortization |
|
|
(1,938,698 |
) |
|
|
— |
|
|
|
- |
|
|
|
(571,441 |
) |
|
|
(2,510,139 |
) |
| Net carrying value |
|
$ |
16,107,293 |
|
|
$ |
438,228 |
|
|
|
876,000 |
|
|
$ |
(2,170,770 |
) |
|
$ |
15,250,751 |
|
During
the years ended December 31, 2024 and 2023, the Company recorded amortization of intangible assets in the amount of $2,046,418 and $2,170,770
respectively.
Annual
estimated total amortization expense is $1.97 million, $1.85 million, $1.47 million for 2025 through 2027 and $1.93 million thereafter.
|