v3.26.3
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]  
INTANGIBLE ASSETS

NOTE 8 — INTANGIBLE ASSETS

 

During the year ended December 31, 2024, management determined that the carrying value of certain intangible assets exceeded their net realizable value. Accordingly, the Company recognized impairment expense of $0 and $1,031,967 for the years ended December 31, 2025 and 2024, respectively, which is included in impairment expense in the accompanying consolidated statements of operations.

 

Intangible assets consisted of the following at December 31, 2025 and 2024:

 

               
    December 31,
    2025   2024
        (As Restated)
         
Customer contract   $ 401,580     $ 373,020  
IP asset     335,024       287,954  
Software development costs     61,946       58,132  
      798,550       719,106  
Less: accumulated amortization     (442,075 )     (344,578 )
Intangible assets, net   $ 356,475     $ 374,528  
                 
Carrying value at December 31, 2023   $ 1,798,131          
Add: Additions              
Less: Amortization     (391,636 )        
Less: Impairments     (1,031,967 )        
Carrying value at December 31, 2024     374,528          
Add: Additions              
Less: Amortization     (40,829 )        
Less: Impairments              
Foreign currency exchange effect     22,776          
Carrying value at December 31, 2025   $ 356,475          

 

Amortization expense was $40,829 and $391,636 for the years ended December 31, 2025 and 2024, respectively.

 

Estimated future amortization expense for intangible assets is as follows.

 

      
Fiscal year   
2026   $67,742 
2027    57,811 
2028    55,502 
2029    55,502 
2030    55,502 
Thereafter    64,416 
Total   $356,475