Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.24.2.u1
Intangible Assets
6 Months Ended
Jun. 30, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
INTANGIBLE ASSETS
8. INTANGIBLE ASSETS

 

Intangible assets were comprised of a business-to-business software platform that allows video game publishers and developers to offer prize-based matches of their games to their players. The Company continued to develop new apps, therefore additional costs were capitalized during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023, the Company completed an impairment analysis of its intangible assets and concluded the assets were impaired. As a result, they recorded an impairment change in the amount of $3,968,332 during the year ended December 31,2023.

 

    Software     Customer
Relationships
    Trade name     Developed
Technology
    Total  
Cost                              
At December 31, 2022     14,715,529       3,170,966       420,833       1,209,861       19,517,189  
Additions     19,413      
-
     
-
     
-
      19,413  
Impairment     (1,656,691 )     (1,745,854 )     (420,833 )     (144,954 )     (3,968,332 )
At December 31, 2023     13,078,251       1,425,112      
-
      1,064,907       15,568,270  
Additions    
-
     
-
     
-
     
-
     
-
 
At June 30, 2024    
-
     
-
     
-
     
-
     
-
 
Accumulated amortization                                        
At December 31, 2022     11,311,681       1,037,144      
-
      775,000       13,123,825  
Amortization     1,766,570       387,968      
-
      289,907       2,444,445  
At December 31, 2023     13,078,251       1,425,112      
-
      1,064,907       15,568,270  
Amortization    
-
     
-
     
-
     
-
     
-
 
At June 30, 2024     13,078,251       1,425,112      
-
      1,064,907       15,568,270  
Carrying amounts                                        
At December 31, 2022     3,403,848       2,133,822       420,833       434,861       6,393,364  
At December 31, 2023    
-
     
-
     
-
     
-
     
-
 
At June 30, 2024    
-
     
-
     
-
     
-
     
-