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Intangible Assets
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 7. Intangible Assets

 

In March 2023, the Company paid, through Orebits Acquisition Group (a related party), $84,000 to Oktane Media for Nodalium Channel Partnership Agreement & Transaction Costs, through which the Company obtained a certain license that allows the Company to resell. The license fee covers one year. The asset is amortized over the next twelve months starting from April 2023. The Company amortized $21,000 for the quarter ended June 30, 2023, and the net value of this asset was $63,000 as of June 30, 2023.

 

In January 2023, the Company signed a service agreement with Nodalium, Inc. through which Nodalium, Inc. will provide services for the Architectural Plan Project, Core IT Architecture & Digital Asset Ecosystem. The consideration for this project is $80,000, and the project was completed in June 2023. The management estimates the useful life of this intangible asset will be thirty-six months and the amortization will start from July 2023.

 

In February 2023, the Company, through ION Acquisition Corp., signed a purchase agreement with Nahla Jacobs and Nahla Saleh Jacobs Trust and Orbits Acquisition Group LLC, to purchase 180 Orebits AU Certificates, valued at $335,700. In May 2023, the Company paid, through ION Acquisition Corp. $85,700 in cash and issued 1,136,364 shares of common stock. As of June 30, 2023, the value of the asset was $335,700.

 

In March 2023, the Company signed an agreement with Instruxi Limited, through which Instruxi Limited will build a technology stack for the tokenization of precious metal, mineral, and/or commodity asset rights for unextracted deposits the Company will provide specialist consultation, called ION’s Digital Architecture & Hybrid Blockchain Platform. The Company paid $103,990 and the project was completed in June 2023. The management estimates the useful life of this intangible asset will be thirty-six months and the amortization will start from July 2023.

 

As of June 30, 2023, the net value of the intangible assets was $582,690.