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INTANGIBLE ASSETS
 12 Months Ended
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:

 

 

   Carrying amount as of December 31, 2022   Software Development Additions Adjustments  Amortization Expense 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   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.