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Asset Acquisition
12 Months Ended
Dec. 31, 2022
Asset Acquisition  
Asset Acquisition

Note 2 – Asset Acquisition

  

On January 17, 2022, the Company entered in agreement to acquire the right to use the intellectual property of 24 Hr Virtual Clinic, LLC (“Virtual Clinic”). In connection with the transaction, the Company issued 500,000 shares of common stock of MediXall. Pursuant to the agreement, the Company had the right to purchase these intellectual properties and buyout the existing members of the Virtual Clinic for additional shares of MediXall common stock. On December 29, 2022, the Company acquired 100% of Virtual Clinic Intellectual Properties and bought out the existing members of the Virtual Clinic. In connection with this transaction, the Company issued an additional 600,000 shares of common stock of MediXall.

 

In accordance with Accounting Standards Codification (“ASC”) 805, the value of the stock issued was measured based on the value of the Company’s common stock, which was considered to be the more clearly determinable measure of fair value. The fair values of these transactions were determined to be $235,000 and $240,000, respectively. In connection with the acquisition, the Company also acquired Virtual Clinic’s net assets with a fair value of $47,965. The value of intellectual property represented approximately 95% of the net assets, and as such, management determined the transaction to be an asset acquisition. At December 31, 2022 the Company performed an impairment analysis and noted that fair value of intellectual property was $156,000 which resulted in an impairment of $238,319.