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Intangible Asset
 9 Months Ended
Sep. 30, 2024
Intangible Asset [Abstract]  
INTANGIBLE ASSET

NOTE 5 – INTANGIBLE ASSET

 

On September 30, 2024 and December 31, 2023, intangible asset consisted of the following:

 

   Useful life  September 30,
2024		   December 31,
2023		 
License  5 years  $150,000   $
-
 
Less: accumulated amortization      (17,500)   
             -
 
      $132,500   $
-
 

 

On August 29, 2022, the Company entered into a Software and Patent License Agreement (the “License Agreement”) with Columbia University (“Columbia”), whereby the Company obtained a license from Columbia with respect to software and intellectual property rights and patents. In connection with the License Agreement, Columbia granted to the Company a royalty-bearing, exclusive, worldwide, non-transferable license under the License Agreement, to discover, develop, manufacture, have made, use, sell, offer to sell, have sold, import, export, distribute, rent or lease licensed products and copy, use, modify, and create derivative works from licensed software and technical information during the term of the License Agreement. On August 9, 2023 and effective August 1, 2023, the Company and Columbia University agreed to the termination of the License Agreement. Based on management’s analysis, the Company determined the Licenses were not commercially viable in the current competitive landscape. The termination of the Agreement will not have any impact on the Company’s future revenues. Accordingly, as of June 30, 2023, the Company wrote off the remaining unamortized book value of the intangible asset of $52,363, and during the three and nine months ended September 30, 2023, the Company recorded an impairment loss of $0 and $52,363, respectively, which was included in operating expenses. 

 

On March 4, 2024, the Company entered into a Purchase Agreement with a third party to acquire certain technology and computer code. The Purchase Agreement grants the Company a perpetual, worldwide, non-exclusive, non-transferable, royalty free, fully paid license to (a) modify and create derivative works from certain technology and related codebase including, but not limited to, “Habit-tracking Module,” “Administrative Panel,” and related computer code. The aggregate purchase price was $150,000 and is included in intangible assets on the accompanying balance sheet. The purchase price of $150,000 was payable in 4 monthly installments of $37,500, beginning on March 15, 2024.

 

For the three months ended September 30, 2024 and 2023, amortization of intangible assets amounted to $7,500 and $6,284, respectively, and for the nine months ended September 30, 2024 and 2023, amortization of intangible assets amounted to $17,500 and $6,284, respectively, which is based on an estimated useful life of 5 years and includes amortization expense related to the License Agreement prior to the impairment loss as discussed above.

 

Amortization of the intangible asset attributable to future periods is as follows:

 

Year ending September 30:  Amount 
2025  $30,000 
2026   30,000 
2027   30,000 
2028   30,000 
2029   12,500 
   $132,500