XML 23 R15.htm IDEA: XBRL DOCUMENT v3.24.4
Intangible Assets
 6 Months Ended
Jun. 30, 2024
Intangible Assets [Abstract]  
INTANGIBLE ASSETS
10INTANGIBLE ASSETS

 

The movement of intangible assets during the period is as follows:

 

   Brand   Subscribers Relationship   Application development   Originals and Sessions   Other intangibles   Work in progress   Total 
   USD   USD   USD   USD   USD   USD   USD 
2023                            
Cost:                            
At January 1, 2023   
-
    
-
    3,685,510    520,052    9,014,531    120,498    13,340,591 
Additions   
-
    
-
    
-
    
-
    1,030,502    14,975    1,045,477 
Additions – internally developed   
-
    
-
    166,667    
-
    
-
    
-
    166,667 
Contract termination*   
-
    
-
    
-
    
-
    (8,750,000)   
-
    (8,750,000)
Transfers   
-
    
-
    
-
    10,450    
-
    (10,450)   
-
 
At December 31, 2023   
-
    
-
    3,852,177    530,502    1,295,033    125,023    5,802,735 
                                    
Amortization:                                   
At January 1, 2023   
-
    
-
    2,632,912    433,818    2,670,706    
-
    5,737,436 
Charge for the year   
-
    
-
    761,561    55,527    1,759,834    
-
    2,576,922 
Contract termination*   
-
    
-
    
-
    
-
    (3,696,396)   
-
    (3,696,396)
At December 31, 2023   
-
    
-
    3,394,473    489,345    734,144    
-
    4,617,962 
                                    
Net carrying amount:                                   
At December 31, 2023 (Audited)   
-
    
-
    457,704    41,157    560,889    125,023    1,184,773 
                                    
2024                                   
Cost:                                   
At January 1, 2024   
-
    
-
    3,852,177    530,502    1,295,033    125,023    5,802,735 
Additions   76,000,000    19,000,000    
-
    
-
    
-
    
-
    95,000,000 
Additions – internally developed   
-
    
-
    237,539    
-
    
-
    
-
    237,539 
Transfers   
-
    
-
    
-
    3,171    
-
    (3,171)   
-
 
Write-off   
-
    
-
    
-
    
-
    
-
    (16,874)   (16,874)
At June 30, 2024   76,000,000    19,000,000    4,089,716    533,673    1,295,033    104,978    101,023,400 
                                    
Amortization:                                   
At January 1, 2024   
-
    
-
    3,394,473    489,345    734,144    
-
    4,617,962 
Charge for the period   
-
    1,578,996    334,699    9,556    435,383    
-
    2,358,634 
At June 30, 2024   
-
    1,578,996    3,729,172    498,901    1,169,527    
-
    6,976,596 
                                    
Net carrying amount:                             
At June 30, 2024 (Unaudited)   76,000,000    17,421,004    360,544    34,772    125,506    104,978    94,046,804 

 

Work in progress represents costs incurred in relation to internally produced originals and sessions which are not yet released as well as software being developed by a third party. Anghami acquired the identifiable net assets of OSN+ activities at the respective fair values from Streaming. The identification and the fair value of the assets has been set at USD 95,000,000 segregated between brand and subscribers relationship. The fair value of the net assets has been evaluated by third party experts.

 

Amortization charged is allocated as follows:

 

   For the six-month period
ended June 30		 
   (Unaudited)   (Unaudited) 
   2024   2023 
   USD   USD 
         
Selling and marketing expenses   
-
    944,343 
Cost of revenue (note 6)   2,323,251    706,792 
General and administrative expenses (note 8)   35,384    2,449 
    2,358,635    1,653,584