v3.26.1
Intangibles
 6 Months Ended
Jun. 30, 2026
Intangibles [Abstract]  
INTANGIBLES
6 INTANGIBLES

 

The Company has determined that its interest in Jetties Partners, LLC is a variable interest entity and has consolidated Jetties Partners LLC into the Company’s financial statements (Refer note 5). The consolidated carrying value of Jetties Partners, LLC includes technology access rights with a fair value of $8,400,000.

 

The Company has determined that its interest in FINAP USA, LLC is a variable interest entity and has consolidated FINAP USA, LLC into the Company’s financial statements (Refer note 5). The consolidated carrying value of FINAP USA, LLC includes license agreement with a fair value of $1,200,000.

 

Intangible assets consist of the following:

  

   Useful
lives		  June 30,
2026		   December 31,
2025		 
      Cost   Impairment charge   Net book value   Net book value 
Technology access rights 
Indefinite
  $8,400,000   $
     -
   $8,400,000   $
      -
 
License agreements 
Indefinite
   1,200,000    
-
    1,200,000    
-
 
      $9,600,000   $
-
   $9,600,000   $
-
 

  

The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value and the impairment is deemed to be permanent in nature.

  

The Technology Access rights and the License agreements have indefinite lives and are therefore not amortized.