NOTE 10 –INTANGIBLE ASSETS

Composition of intangible assets, grouped by major classifications, is as follows:

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NOTE 10 –INTANGIBLE ASSETS (continued):

As discussed in Note 3, in April 2025, the Company completed its acquisition of PayEco. The Company determined that this transaction is an asset acquisition under ASC 805, as the acquired group of assets does not have a substantive process that together with the assets acquired significantly contribute to the ability to create outputs. Therefore, the business definition is not met. The Company has determined that the license is an indefinite lived intangible asset with a carrying value of $97,357 at June 30, 2025.

Amortization expense for the three months ended June 30, 2025 and 2024 was $12,994 and $8,614, respectively, and $25,247 and $15,914 for the six months ended June 30, 2025 and 2024, respectively.

During the three and six months ended June 30, 2025, the Company recognized an insignificant amount of impairment related to internal use software assets. Similarly, during the three and six months ended June 30, 2024, the Company recognized an insignificant amount of impairment related to intangible assets. Impairments are presented under Depreciation and amortization expenses in the condensed consolidated statements of comprehensive income.

Expected future finite-lived intangible asset amortization as of June 30, 2025, excluding capitalized internal use software of $18,216 not yet placed in service as of that date, was as follows:

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