Intangible Asset

12 Months Ended

Jul. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Asset

Note 7 – Intangible Asset

In connection with the acquisition of OL, the Company recognized an intangible asset related to intellectual property. The Company believes the intellectual property is critical to the success of the business going forward and believes that the fair value ascribed is fully recoverable.

The Company’s intangible asset is as follows:

					Estimated Useful
	July 31, 2022		July 31, 2021		Life (Years)
Gross carrying amount	$	2,299,524	$	-	7
Accumulated amortization		54,751		-
Net carrying amount	$	2,244,773	$	-

Amortization expense for the years ended July 31, 2022 and 2021 was $54,751 and $0, respectively.

Estimated amortization expense for each of the five (5) succeeding years and thereafter is as follows:

For the Year Ended July 31,
	2023	$	328,503
	2024		328,503
	2025		328,503
	2026		328,503
	2027		328,503
	Thereafter		602,256
	Total	$	2,244,773

DESCRYPTO HOLDINGS, INC. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JULY 31, 2022 AND 2021