Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

INTANGIBLE ASSETS (Tables)

v3.25.1
INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
SCHEDULE OF 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.

 

    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  
SCHEDULE OF RECONCILIATION OF INTANGIBLE ASSETS

A reconciliation of intangible assets for the years ended December 31, 2024 and 2023 are as follows:

 

    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