Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.22.1
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
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.