Intangible Assets

3 Months Ended

Mar. 31, 2024

Intangible Assets

Intangible Assets

NOTE 3 – Intangible Assets

On June 16, 2022, pursuant to the terms of a stock purchase agreement, Fvndit purchased from the Company all of the shares of Fvndit’s common stock then owned by the Company and certain accounts receivable that were due from Fvndit to the Company. As consideration for the sale of the shares and the accounts receivable to Fvndit, the Company acquired all rights to certain proprietary information and copyrights associated with Fvndit’s online investment marketplace business in Vietnam, the right to the name Fvndit, ownership of the “fvndit.com” domain name, and certain information related to Fvndit’s customers.

The change in the intangible assets has been summarized under the following table for the three-month period ended March 31, 2024:

Intangible Assets	March 31, 2024		March 31, 2023
Beginning balance	$	-	$	305,469
Acquired Intangible Assets:
Proprietary Information		-		-
Impairment		-		-
Amortization		-		(8,039	)
Ending balance	$	-	$	297,430

The proprietary information has a useful life of 10 years and is amortized accordingly.  The Company evaluates the recoverability of intangible assets whenever events or changes in circumstances indicate that an intangible asset carrying amount may not be recoverable. The Company annually evaluates the remaining useful lives of all intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization. At December 31, 2023, the Company performed an impairment analysis and determined that the intangible asset related to the proprietary information be impaired and written-off in the amount of $273,313.