Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Property and Equipment

v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
7. PROPERTY AND EQUIPMENT

 

    Computers     Right of Use
Asset		    

 

Total

  
    ($)     ($)     ($)  
Cost                  
At December 31, 2021     181,390       913,405       1,094,795  
Additions     65,329      
-
       65,329  
At December 31, 2022     246,719       913,405       1,160,124  
Additions    
-
      
-
      
-
  
Disposals     (192,361 )    
-
       (192,361 )
At June 30, 2023     54,358       913,405       967,763  
                         
Accumulated amortization                        
At December 31, 2021     113,079       654,771       767,850  
Amortization for the period     39,667       179,766       219,433  
At December 31, 2022     152,746       834,537       987,283  
Amortization for the period     18,800       78,868       97,668  
Disposals     (135,692 )    
-
       (135,692 )
At June 30, 2023     35,854       913,405       949,259  
                         
Carrying amounts                        
At December 31, 2021     68,311       258,634       326,945  
At December 31, 2022     93,973       78,868       172,841  
At June 30, 2023     18,504       0       18,504  

 

On April 30, 2023, the Company vacated its leased office space in Los Angeles, CA in accordance with the termination of the lease. Upon vacating the office space, the Company sold or disposed of excess office furniture and equipment, including a majority of the Company’s computers that are no longer needed by the current workforce.

 

As of June 30, 2023, the Company operates using a fully remote workforce and does not have any long-term lease agreements for office space or other long-term assets. As such, the remaining right-of-use asset balance is $0.