XML 21 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
INTANGIBLES
6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLES

NOTE 5 – INTANGIBLES

 

As of June 30, 2024 and December 31, 2023, the Company had intangible assets of $404,761 and $445,582 from and after the acquisition of Magiclytics in February 2021. It is a platform that is internally developed for revenue prediction from influencer collaboration and our digital platform Honeydrip.com.

 

 

The following table sets forth the Company’s infinite and finite-lived intangible assets resulting from business acquisitions and other purchases, which continue to be amortized:

 

  

Weighted

   June 30, 2024       December 31, 2023 
  

Average

Useful Life

(in Years)

  

Gross

Carrying

Amount

  

Accumulated

Amortization

  

Net

Carrying

Amount

  

Gross

Carrying

Value

  

Accumulated

Amortization

  

Net

Carrying

Amount

 
Developed technology - Magiclytics      5   $672,903   $268,142   $404,761   $647,743   $202,161   $445,582 
Developed technology - Magiclytics   -    -    -    -    -    -    - 
        $672,903   $268,142   $404,761   $647,743   $202,161   $445,582 

 

Amortization expenses were $33,391 and $31,502 for the three months ended June 30, 2024 and 2023, respectively. Amortization expenses were $65,981 and $61,643 for the three months ended June 30, 2024 and 2023, respectively.