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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
INTANGIBLE ASSETS

NOTE 15 — INTANGIBLE ASSETS

 

The Company’s intangible assets consist of costs incurred in connection with the development of the Company’s digital education software platform, the acquisition of customer relationships and trademarks.

 

   Cost   Accumulated depreciation   Impairment   Carrying amount as of December 31 2024   Cost   Adjustment   Accumulated depreciation   Impairment   Carrying amount as of December 31 2023 
GeniusU software platform  $4,486,619   $(3,095,867)  $(1,084,613)  $306,139   $3,993,719   $—   $(2,510,139)  $(1,084,613)  $398,967 
Trade names, trademarks and domain names   7,632,945    (11,514)   (194,531)   7,426,900    6,932,945    700,000    —    -    7,632,945 
Film Library   4,600,000    (1,217,646)   (939,964)   2,442,390    -    4,600,000    (676,470)   -    3,923,530 
Customer list   4,200,000    (1,890,000)   (641,954)   1,668,046    -    4,200,000    (1,050,000)   -    3,150,000 
Customer Relationship   340,000    (262,691)   (7,688)   69,621    8,964,000    (8,624,000)   (194,691)   -    145,309 
   $21,259,564   $(6,477,718)  $(2,868,750)  $11,913,096   $19,890,664   $876,000   $(4,431,300)  $(1,084,613)  $15,250,751 

 

A reconciliation of intangible assets for the years ended December 31, 2024 and 2023 are as follows:

 

   Balance as of December 31, 2023   Software Development Additions   Amortization Expense   Impairment   Balance as of December 31, 2024 
GeniusU software platform  $2,909,106   $492,900   $-   $-   $3,402,006 
Trade names, trademarks and domain names   7,632,945    -    (11,514)   (194,531)   7,426,900 
Film Library   3,923,530    -    (541,176)   (939,964)   2,442,390 
Customer List   3,150,000    -    (840,000)   (641,954)   1,668,046 
Customer Relationship   145,309    -    (68,000)   (7,688)   69,621 
Accumulated amortization   (2,510,139)   -    (585,728)   -    (3,095,867)
Net carrying value  $15,250,751   $492,900   $(2,046,418)  $(1,784,137)  $11,913,096 

 

   Balance   Software Development Additions   Adjustments   Amortization Expense   Balance 
   Balance as of December 31, 2022   Software Development Additions   Adjustments   Amortization Expense   Balance 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 

 

During the years ended December 31, 2024 and 2023, the Company recorded amortization of intangible assets in the amount of $2,046,418 and $2,170,770 respectively.

 

Annual estimated total amortization expense is $1.97 million, $1.85 million, $1.47 million for 2025 through 2027 and $1.93 million thereafter.