Intangibles

3 Months Ended

Mar. 31, 2023

Intangibles [Abstract]

INTANGIBLES

4 INTANGIBLES

On August 26, 2021, the Company formed a subsidiary, Beyond Fintech. to acquire a product known as Beyond Wallet from a third party for gross proceeds of $250,000, together with the logo, use of name and implementation of the product into the Company’s technology. The Company owns 51% of Beyond Fintech with the other 49% owned by Frictionless. During the year ended December 31, 2022 and the three months ended March 31, 2023, an additional $41,320  and $35,891, respectively, was spent on the software to further enhance the Beyond Wallet product offering.  See Note 15 for subsequent event disclosure regarding the Company’s relationship with Frictionless.

During the year ended December 31, 2021, the Company paid gross proceeds of $375,000 to Frictionless for the development of the IPSIPay wallet, and during the year ended December 31, 2022 and the three months ended March 31, 2023, an additional $1,127,400 and $28,893, respectively, was incurred by the Company to facilitate the functioning of the IPSIPay software in the cloud environment.

	March 31, 2023							December 31,  2022
	Cost		Accumulated amortization			Net Book Value		Net book value
Purchase Technology – Beyond Wallet	$	327,211	$	-		$	327,211	$	291,320
Purchased Technology - IPSIPay		1,531,293		(226,765	)		1,304,528		1,401,491
	$	1,858,504	$	(226,765	)	$	1,631,739	$	1,692,811

Amortization expense was $125,856 and $0 for the three months ended March 31, 2023 and 2022, respectively.