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Intangible Assets
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Intangible Assets [Abstract]    
Intangible Assets
11. Intangible Assets

 

Cost:  Software   Licences   Total 
Balance, December 31, 2023  $19,554   $24,664,298   $24,683,852 
Impact of sale of RPK   (18,663)   (24,648,225)   (24,666,888)
Movement in exchange rates   (891)   (246)   (1,137)
Balance, December 31, 2024   
-
    15,827    15,827 
Impact on loss of control of Canmart   
-
    (17,009)   (17,009)
Movement in exchange rates   
-
    1,182    1,182 
Balance, June 30, 2025  $
-
   $
-
   $
-
 

 

Accumulated amortization:  Software   Licences   Total 
Balance, December 31, 2023  $16,992   $4,929,645   $4,946,637 
Amortization   
-
    
-
    
-
 
Impact of sale of RPK   (16,593)   (4,929,645)   (4,946,238)
Movement in exchange rates   (399)   
-
    (399)
Balance, December 31, 2024 and June 30, 2025  $
-
   $
-
   $
-
 

 

Impairment:  Software   Licences   Total 
Balance, December 31, 2023  $2,070   $15,935,463   $15,937,533 
Impact of sale of RPK   (2,070)   (15,935,463)   (15,937,533)
Balance, December 31, 2024 and June 30, 2025  $
-
   $
-
   $
-
 

 

Net book value  Software   Licences   Total 
Balance, December 31, 2024  $
           -
   $15,827   $15,827 
Balance, June 30, 2025  $
-
   $
-
   $
-
 

During the year ended December 31, 2024, concurrent to the sale of RPK, the Company derecognized RPK’s cannabis API manufacturing and GMP license with a net book value of $3,783,117 (note 5). As of December 31, 2024, the Company’s remaining intangible asset consist of cannabis distribution license with a carrying value of $15,827.

 

During the six months ended June 30, 2025, concurrent to the loss of control of Canmart, the Company derecognized Canmart’s cannabis distribution license with a net book value of $17,009 (note 6). As of June 30, 2025, the Company has nil intangible assets.
11.Intangible Assets

 

Cost:  Software   Licences   Total 
Balance, December 31, 2022  $18,181   $24,663,489   $24,681,670 
Movement in exchange rates   1,373    809    2,182 
Balance, December 31, 2023   19,554    24,664,298    24,683,852 
Impact of sale of RPK   (18,663)   (24,648,225)   (24,666,888)
Movement in exchange rates   (891)   (246)   (1,137)
Balance, December 31, 2024  $
-
   $15,827   $15,827 

 

Accumulated amortization:  Software   Licences   Total 
Balance, December 31, 2022  $8,254   $2,464,822   $2,473,076 
Amortization   7,525    2,464,823    2,472,348 
Movement in exchange rates   1,213    
-
    1,213 
Balance, December 31, 2023   16,992    4,929,645    4,946,637 
Amortization   
-
    
-
    
-
 
Impact of sale of RPK   (16,593)   (4,929,645)   (4,946,238)
Movement in exchange rates   (399)   
-
    (399)
Balance, December 31, 2024  $
-
   $
-
   $
-
 

 

Impairment:  Software   Licences   Total 
Balance, December 31, 2022  $
-
   $
-
   $
-
 
Impairment   2,070    15,935,463    15,937,533 
Balance, December 31, 2023   2,070    15,935,463    15,937,533 
Impact of sale of RPK   (2,070)   (15,935,463)   (15,937,533)
Balance, December 31, 2024  $
-
   $
-
   $
-
 

 

Net book value  Software   Licences   Total 
Balance, December 31, 2023  $492   $3,799,190   $3,799,682 
Balance, December 31, 2024  $
-
   $15,827   $15,827 

During the year ended December 31, 2023, the Company’s intangible assets consists of computer software program with a carrying value of $492, and licenses consisting of a cannabis distribution license with a carrying value of $16,073 at December 31, 2024 and a cannabis API manufacturing and GMP license with a carrying value of $3,783,117.

 

The Company considered indicators of impairment at December 31, 2023. Pursuant to the sale of RPK, the Company impaired a portion of its intangible assets and recognized an impairment loss of $15,937,533 in the consolidated statements of loss and comprehensive loss during the year ended December 31, 2023.

 

During the year ended December 31, 2024, concurrent to the sale of RPK, the Company derecognized RPK’s cannabis API manufacturing and GMP license with a net book value of $3,783,117 (note 5). As of December 31, 2024, the Company’s remaining intangible asset consist of cannabis distribution license with a carrying value of $15,827.

 

At December 31, 2024, Company’s cannabis distribution license has been classified as an indefinite-life intangible asset as the Company expects to maintain this asset and the end point of the useful life of such asset cannot be determined. The Company evaluates the assumption of the indefinite life of the cannabis distribution license at least annually.