Intangibles

6 Months Ended

Jun. 30, 2023

Intangibles [Abstract]

INTANGIBLES

6 INTANGIBLES

On August 26, 2021, the Company formed 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 owned 51% of Beyond Fintech with the other 49% owned by Frictionless. During the year ended December 31, 2022 and the six months ended June 30, 2023, an additional $41,320  and $35,891, respectively, was spent on the software to further enhance the Beyond Wallet product offering.  On May 12, 2023, Beyond Fintech was sold to Frictionless (see note 4 above).

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 six months ended June 30, 2023, an additional $1,127,400 and $44,405, respectively, was incurred by the Company to facilitate the functioning of the IPSIPay software in the cloud environment.

	June 30, 2023							December 31, 2022
	Cost		Accumulated amortization			Net Book Value		Net book value
Purchased Technology - IPSIPay	$	1,546,805	$	(355,112	)	$	1,191,693	$	1,401,491

Amortization expense was $128,348 and $0 for the three months ended June 30, 2023 and 2022, respectively, and $254,204 and $0 for the six months ended June 30, 2023, respectively.