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Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

On September 30, 2022 and December 31, 2021, intangible asset consisted of the following:

 

   Useful life  September 30,
2022		   December 31,
2021		 
Patents  5 years  $1,090,000   $
    -
 
Less: accumulated amortization      (54,500)   
-
 
      $1,035,500   $
-
 

 

On June 29, 2022, in connection with the acquisition of Avilla, the Company issued an aggregate of 1,000,000 shares of the Company’s common stock. These shares were valued at $1,090,000, or $1.09 per share, based on the quoted closing price of the Company’s common stock on the measurement date. The acquisition included patents for intellectual property rights in blockchain based digital rights management and object sharing technology, including encrypted WebRTC real-time video and audio streaming communications (See Note 3).

 

For the nine months ended September 30, 2022 and 2021, amortization of intangible assets amounted to $54,500.

 

Amortization of intangible assets attributable to future periods is as follows:

 

Year ending September 30:  Amount 
2023  $218,000 
2024   218,000 
2025   218,000 
2026   218,000 
2027   163,500 
   $1,035,500