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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Intangible Assets |
INTANGIBLE ASSETS | NOTE 14 — INTANGIBLE ASSETS The Group’s intangible assets consist of costs incurred in connection with the development of the Group’s digital education software platform, the acquisition of customer relationships and trademarks. SCHEDULE OF INTANGIBLE ASSETS
|  | Cost |  |  | Adjustment |  |  | Accumulated depreciation |  |  | Impairment |  |  | Carrying amount as of December 31 2023 |  |  | Cost |  |  | Accumulated Depreciation |  |  | Impairment |  |  | Carrying amount as of December 31 2022 |
GeniusU software platform |  | $ | 3,993,719 |  |  | $ | — |  |  | $ | (2,510,139 | ) |  | $ | (1,084,613 | ) |  | $ | 398,967 |  |  | $ | 3,555,491 |  |  | $ | (1,938,698 | ) |  | $ | (1,084,613 | ) |  | $ | 532,180 |
Trade names, trademarks and domain names |  |  | 6,932,945 |  |  |  | 700,000 |  |  |  | — |  |  |  | — |  |  |  | 7,632,945 |  |  |  | 6,932,945 |  |  |  | — |  |  |  | — |  |  |  | 6,932,945 |
Film Library |  |  | — |  |  |  | 4,600,000 |  |  |  | (676,470 | ) |  |  | — |  |  |  | 3,923,530 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Customer list |  |  | — |  |  |  | 4,200,000 |  |  |  | (1,050,000 | ) |  |  | — |  |  |  | 3,150,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Customer Relationship |  |  | 8,964,000 |  |  |  | (8,624,000 | ) |  |  | (194,691 | ) |  |  | — |  |  |  | 145,309 |  |  |  | 8,964,000 |  |  |  | (321,832 | ) |  |  | — |  |  |  | 8,642,168 |
|  | $ | 19,890,664 |  |  | $ | 876,000 |  |  | $ | (4,431,300 | ) |  | $ | (1,084,613 | ) |  | $ | 15,250,751 |  |  | $ | 19,452,436 |  |  | $ | (2,260,530 | ) |  | $ | (1,084,613 | ) |  | $ | 16,107,293 |
A reconciliation of intangible assets for the years ended December 31, 2023 and 2022 are as follows: SCHEDULE OF RECONCILIATION OF INTANGIBLE ASSETS
|  | Carrying amount as of December 31, 2022 |  |  | Software Development Additions |  |  | Acquisition of Intangibles | Impairment | Adjustments |  |  | Amortization Expense |  | Foreign Currency Translation |  | Carrying amount as of December 31, 2023 |
GeniusU software platform |  | $ | 2,470,878 |  |  | $ | 438,228 |  |  |  |  |  | — |  |  | $ | — | - |  |  | $ | 2,909,106 |
Trade names, trademarks and domain names |  |  | 6,932,945 |  |  |  | — |  |  |  |  |  | 700,000 |  |  |  | — |  |  |  |  | 7,632,945 |
Film Library |  |  | - |  |  |  | - |  |  |  |  |  | 4,600,000 |  |  |  | (676,470 | ) |  |  |  | 3,923,530 |
Customer List |  |  | — |  |  |  | — |  |  |  |  |  | 4,200,000 |  |  |  | (1,050,000 | ) |  |  |  | 3,150,000 |
Customer Relationship |  |  | 8,642,168 |  |  |  | — |  |  |  |  |  | (8,624,000 | ) |  |  | 127,141 |  |  |  |  | 145,309 |
Accumulated amortization |  |  | (1,938,698 | ) |  |  | — |  |  |  |  |  | - |  |  |  | (571,441 | ) |  |  |  | (2,510,139 | )
Net carrying value |  | $ | 16,107,293 |  |  | $ | 438,228 |  |  |  |  |  | 876,000 |  |  | $ | (2,170,770 | ) |  |  | $ | 15,250,751 |
|  | Balance |  |  | Software Development Additions |  |  | Acquisition of Intangibles |  |  | Amortization Expense |  |  | Adjustments | Impairment |  |  | Foreign Currency Translation |  |  | Balance |
|  | Carrying amount as of December 31, 2021 |  |  | Software Development Additions |  |  | Acquisition of Intangibles |  |  | Amortization Expense |  |  |  | Impairment |  |  | Foreign Currency Translation |  |  | Carrying amount as of December 31, 2022 |
GeniusU software platform |  | $ | 2,811,496 |  |  | $ | 743,995 |  |  | $ | — |  |  | $ | — |  |  |  | $ | (1,084,613 | ) |  | $ | — |  |  | $ | 2,470,878 |
Trade names, trademarks and domain names |  |  | 13,234 |  |  |  | — |  |  |  | 6,919,356 |  |  |  | — |  |  |  |  | — |  |  |  | 355 |  |  |  | 6,932,945 |
Customer Relationship |  |  | — |  |  |  | — |  |  |  | 8,964,000 |  |  |  | (321,832 | ) |  |  |  | — |  |  |  | — |  |  |  | 8,642,168 |
Accumulated amortization |  |  | (1,429,761 | ) |  |  | — |  |  |  | — |  |  |  | (508,937 | ) |  |  |  | — |  |  |  | — |  |  |  | (1,938,698 | )
Net carrying value |  | $ | 1,394,969 |  |  | $ | 743,995 |  |  | $ | 15,883,356 |  |  | $ | (830,769 | ) |  |  | $ | (1,084,613 | ) |  | $ | 355 |  |  | $ | 16,107,293 |
During the years ended December 31, 2023 and 2022, the Company recorded amortization of intangible assets in the amount of $2,170,770 and $830,769 respectively. During the year ended December 31, 2023, the Company impaired nil (2022: $1.1 million) of developed software at GeniusU. Annual estimated total amortization expense is $1.97 million, $1.89 million, $1.76 million for 2024 through 2026 and $4.37 million thereafter.

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