Registration statement for securities of certain foreign private issuers

INTANGIBLE ASSETS

v3.22.2.2
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
INTANGIBLE ASSETS    
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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​

​

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​

​

​

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​

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​

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​

​

Balance at

​

Software

​

Purchase

​

​

​

Foreign

​

Balance at

​

​

December 31,

​

Development

​

of

​

Amortization

​

Currency

​

December 31,

​

​

2020

    

Additions

​

Intangibles

    

Expense

    

Translation

    

2021

GeniusU software platform

    

$

2,007,182

    

$

804,314

    

$

—

    

$

—

    

​

—

    

$

2,811,496

Trademarks

​

 

13,234

​

 

—

​

​

​

​

​

​

​

​

​

​

 

13,234

Accumulated amortization

​

 

(1,015,502)

​

 

—

​

 

—

​

 

(424,080)

 

​

9,821

​

 

(1,429,761)

Net carrying value

​

$

1,004,914

​

$

804,314

​

$

—

​

$

(424,080)

​

$

9,821

​

$

1,394,969

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​

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​

​

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​

​

​

​

​

​

Balance at

​

Software

​

Purchase

​

​

​

Foreign

​

Balance at

​

​

December 31,

​

Development

​

of

​

Amortization

​

Currency

​

December 31,

​

​

2019

    

Additions

    

Intangibles

    

Expense

    

Translation

    

2020

GeniusU software platform

    

$

1,563,193

    

$

424,530

    

​

​

    

$

—

    

$

19,459

    

$

2,007,182

Trademarks

​

 

​

​

 

—

​

$

13,234

​

​

​

​

​

​

​

 

13,234

Accumulated amortization

​

 

(640,814)

​

 

—

​

 

—

​

 

(359,822)

 

​

(14,866)

​

 

(1,015,502)

Net carrying value

​

$

922,379

​

$

424,530

​

$

13,234

​

$

(359,822)

​

$

4,593

​

$

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.

NOTE 12 — INTANGIBLE ASSETS (as restated)

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, 2020 and 2019 are as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

Software

​

Purchase

​

​

​

Foreign

​

Balance at

​

​

December 31,

​

Development

​

of

​

Amortization

​

Currency

​

December 31,

​

​

2019

    

Additions

​

Intangibles

    

Expense

    

Translation

    

2020, as restated

Trademarks

    

$

—

    

$

—

    

$

13,234

    

$

—

    

$

—

    

$

13,234

GeniusU software platform

​

$

1,563,193

​

$

424,530

​

$

—

​

$

—

​

$

19,459

​

$

2,007,182

Accumulated amortization

​

 

(640,814)

​

 

—

​

 

—

​

 

(359,822)

 

​

(14,866)

​

 

(1,015,502)

Net carrying value

​

$

922,379

​

$

424,530

​

$

13,234

​

$

(359,822)

​

$

4,593

​

$

1,004,914

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

Software

​

Purchase

​

​

​

Foreign

​

Balance at

​

​

December 31,

​

Development

​

of

​

Amortization

​

Currency

​

December 31,

​

​

2018

    

Additions

    

Intangibles

    

Expense

    

Translation

    

2019, as restated

GeniusU software platform

    

$

1,103,705

    

$

423,959

    

$

—

    

$

—

    

$

35,529

    

$

1,563,193

Accumulated Amortization

​

 

(358,067)

​

 

​

​

 

​

​

 

(268,499)

 

​

(14,248)

​

 

(640,814)

Net carrying value

​

$

745,638

​

$

423,959

​

$

—

​

$

(268,499)

​

$

21,281

​

$

922,379

​

During the years ended December 31, 2020 and 2019, the Company recorded amortization of intangible assets in the amount of $359,822 and $268,499 respectively, which is included in cost of revenue on the accompanying statements of operations and comprehensive loss.

See Note 4 — Business Combinations for additional details related to the Entrepreneurs Institute and Entrepreneur Resorts acquisitions.