| INTANGIBLE ASSETS |
NOTE 12 — INTANGIBLE ASSETS
The Company’s intangible assets consist of costs incurred in connection with the development of the Company’s digital education software platform.
A reconciliation of intangible assets for the years ended December 31, 2021 and 2020 are as follows:
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Balance at |
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Software |
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Purchase |
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Foreign |
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Balance at |
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December 31, |
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Development |
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of |
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Amortization |
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Currency |
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December 31, |
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2020 |
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Additions |
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Intangibles |
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Expense |
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Translation |
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2021 |
GeniusU software platform |
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$ |
2,007,182 |
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$ |
804,314 |
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$ |
— |
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$ |
— |
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— |
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$ |
2,811,496 |
Trademarks |
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13,234 |
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— |
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13,234 |
Accumulated amortization |
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(1,015,502) |
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— |
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— |
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(424,080) |
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9,821 |
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(1,429,761) |
Net carrying value |
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$ |
1,004,914 |
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$ |
804,314 |
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$ |
— |
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$ |
(424,080) |
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$ |
9,821 |
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$ |
1,394,969 |
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Balance at |
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Software |
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Purchase |
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Foreign |
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Balance at |
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December 31, |
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Development |
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of |
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Amortization |
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Currency |
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December 31, |
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2019 |
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Additions |
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Intangibles |
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Expense |
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Translation |
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2020 |
GeniusU software platform |
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$ |
1,563,193 |
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$ |
424,530 |
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$ |
— |
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$ |
19,459 |
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$ |
2,007,182 |
Trademarks |
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— |
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$ |
13,234 |
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13,234 |
Accumulated amortization |
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(640,814) |
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— |
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— |
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(359,822) |
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(14,866) |
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(1,015,502) |
Net carrying value |
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$ |
922,379 |
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$ |
424,530 |
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$ |
13,234 |
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$ |
(359,822) |
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$ |
4,593 |
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$ |
1,004,914 |
During the years ended December 31, 2021 and 2020, the Company recorded amortization of intangible assets in the amount of $424,080 and $359,822 respectively, which is included in cost of revenue on the accompanying statements of operations and comprehensive loss.
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