| INTANGIBLE ASSETS |
NOTE
16 — 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, 2025 |
|
|
Cost |
|
|
Accumulated depreciation |
|
|
Impairment |
|
|
Carrying amount as of December 31, 2024 |
|
| GeniusU software platform |
|
$ |
4,785,276 |
|
|
$ |
(3,683,445 |
) |
|
$ |
(1,084,613 |
) |
|
$ |
17,218 |
|
|
$ |
4,486,619 |
|
|
$ |
(3,095,867 |
) |
|
$ |
(1,084,613 |
) |
|
$ |
306,139 |
|
| Trade names, trademarks and domain names |
|
|
11,326,827 |
|
|
|
(13,234 |
) |
|
|
(1,567,719 |
) |
|
|
9,745,874 |
|
|
|
7,632,945 |
|
|
|
(11,514 |
) |
|
|
(194,531 |
) |
|
|
7,426,900 |
|
| Film Library |
|
|
4,600,000 |
|
|
|
(1,758,821 |
) |
|
|
(2,841,179 |
) |
|
|
- |
|
|
|
4,600,000 |
|
|
|
(1,217,646 |
) |
|
|
(939,964 |
) |
|
|
2,442,390 |
|
| Customer list |
|
|
4,200,000 |
|
|
|
(2,730,000 |
) |
|
|
(1,470,000 |
) |
|
|
- |
|
|
|
4,200,000 |
|
|
|
(1,890,000 |
) |
|
|
(641,954 |
) |
|
|
1,668,046 |
|
| Customer Relationship |
|
|
340,000 |
|
|
|
(326,119 |
) |
|
|
(13,881 |
) |
|
|
- |
|
|
|
340,000 |
|
|
|
(262,691 |
) |
|
|
(7,688 |
) |
|
|
69,621 |
|
| |
|
$ |
25,252,103 |
|
|
$ |
(8,511,619 |
) |
|
$ |
(6,977,392 |
) |
|
$ |
9,763,092 |
|
|
$ |
21,259,564 |
|
|
$ |
(6,477,718 |
) |
|
$ |
(2,868,750 |
) |
|
$ |
11,913,096 |
|
A
reconciliation of intangible assets for the years ended December 31, 2025 and 2024 are as follows:
SCHEDULE OF RECONCILIATION OF INTANGIBLE ASSETS
| |
|
Balance as of
December 31,
2024 |
|
|
Software
Development
Additions |
|
|
Purchase of
intangible (acquistions) |
|
|
Purchase of
intangible |
|
|
Amortization
Expense |
|
|
Written
Off |
|
|
Impairment |
|
|
Balance as of
December 31,
2025 |
|
| GeniusU software platform |
|
$ |
3,402,006 |
|
|
$ |
298,657 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,700,663 |
|
| Trade names, trademarks and domain names |
|
|
7,426,900 |
|
|
|
- |
|
|
|
3,700,000 |
|
|
|
80,000 |
|
|
|
(1,720 |
) |
|
|
(86,118 |
) |
|
|
(1,373,188 |
) |
|
|
9,745,874 |
|
| Film Library |
|
|
2,442,390 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(541,175 |
) |
|
|
- |
|
|
|
(1,901,215 |
) |
|
|
- |
|
| Customer List |
|
|
1,668,046 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(840,000 |
) |
|
|
- |
|
|
|
(828,046 |
) |
|
|
- |
|
| Customer Relationship |
|
|
69,621 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(63,428 |
) |
|
|
- |
|
|
|
(6,193 |
) |
|
|
- |
|
| Accumulated amortization |
|
|
(3,095,867 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(587,578 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,683,445 |
) |
| Net carrying value |
|
$ |
11,913,096 |
|
|
$ |
298,657 |
|
|
$ |
3,700,000 |
|
|
$ |
80,000 |
|
|
$ |
(2,033,901 |
) |
|
$ |
(86,118 |
) |
|
$ |
(4,108,642 |
) |
|
$ |
9,763,092 |
|
| |
|
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 |
|
During
the years ended December 31, 2025 and 2024, the Company recorded amortization of intangible assets in the amount of US$2,033,901 and US$2,046,418
respectively.
|