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:

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

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:

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.