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NOTE 6 - INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
NOTE 6 - INTANGIBLE ASSETS

NOTE 6 - INTANGIBLE ASSETS

 

Patents

 

A Patent on the Internet-Search Mechanism (“IBSM”) has been granted in the United States, South Africa, Canada, New Zealand. and Australia. The patent is currently pending in the European Union and the United Kingdom.

 

A Patent entitled “Contextual Enveloping Via Dynamically Generated Hyperlinking.” (US Patent Application No. 17/980,298) has been filed. This will define an alternative mobile search system purely for information rather than goods and service, which our original patent covers.

 

Patents are reported at cost, less accumulated amortization and accumulated impairment loss. Costs includes expenditure that is directly attributable to the acquisition of the asset. Once a patent is providing economic benefit to the Company, amortization is provided on a straight-line basis on all patents over their expected useful lives of 20 years.

 

Intellectual Property

 

Intellectual property represents capitalized costs of the Company’s qualifying internal research and developments. Intellectual property is amortized over its useful life of 7 years and reported at cost less accumulated amortization and accumulated impairment loss.

 

Trademarks

 

The Company has the following trademarks.

 

Mark Category Proprietor Country Class(es) Status Reg. Date. File No.
CITIZENS JOURNALIST Words Bubblr Limited European Union 9 38 REGISTERED 16-Nov-2019 206382.EM.01
CITIZENS JOURNALIST Word Bubblr Limited United Kingdom 9 38 REGISTERED 05-Jul-2019 206382.GB.01
CITIZENS JOURNALIST Words Bubblr Limited United Kingdom 9 38 REGISTERED 16-Nov-2019 206382.GB.02
CITIZENS JOURNALIST Word Bubblr Limited United States 9 38 41 42 REGD-DEC USE 08-Feb-2022 206382.US.01
A picture containing text, clipart Description automatically generated Words and Colour Device Bubblr Limited European Union 9 38 REGISTERED 16-Nov-2019 206383.EM.01
Text Description automatically generated with medium confidence Series of Logos Bubblr Limited United Kingdom 9 38 REGISTERED 05-Jul-2019 206383.GB.01
A picture containing text, clipart Description automatically generated Words and Colour Device Bubblr Limited United Kingdom 9 38 REGISTERED 16-Nov-2019 206383.GB.02
Text Description automatically generated Words and Device Bubblr Limited United States 9 38 41 42 ACCEPTED   206383.US.01
BAU NOT OK/BAU Not OK Series of Marks Bubblr Limited United Kingdom 9 38 REGISTERED 11-Oct-2019 208674.GB.01
NEWZMINE/NewzMine Series of Marks Bubblr Limited United Kingdom 9 38 42 REGISTERED 25-Dec-2020 227753.GB.01

 

The Company capitalizes trademark costs where the likelihood of acceptance is expected. Each trademark has been determined to have an infinite useful life and is assessed each reporting period for impairment. If there has been a reduction in the value of the trademark or if the trademark is not successfully registered, the asset will be impaired and charged to expense in the period of impairment.

 

 

As of December 31, 2022 and 2021, trademarks consisted of the following:

 

   December 31,  December 31,
   2022  2021
Trademarks:          
NewzMineTM  $9,920   $9,636 
Citizens Journalist™   25,367    23,193 
Effects of currency translation   (3,461)   —   
   $31,826   $32,829 

 

As of December 31, 2022 and 2021, intangible assets consisted of the following:

                                         
Cost  Patents  Trademarks  Intellectual Property  Capitalized Acquisition Costs  Total
At December 31, 2021  $151,860   $32,829   $2,861,906   $45,745   $3,092,340 
Additions   32,449    2,458    203,990    —      238,897 
Effects of currency translation   (16,009)   (3,461)   (301,698)   —      (321,168)
At December 31, 2022  $168,300   $31,826   $2,764,198   $45,745   $3,010,069 
                          
Less accumulated amortization                         
At December 31, 2021  $—     $—     $1,463,042   $2,288   $1,465,330 
Amortization expense   4,947    —      365,741    2,288    372,976 
Effects of currency translation   —      —      (154,232)   —      (154,232)
At December 31, 2022  $4,947   $—     $1,674,551   $4,576   $1,684,074 
                          
Net book value                         
At December 31, 2022  $163,353   $31,826   $1,089,647   $41,169   $1,325,995 
At December 31, 2021  $151,860   $32,829   $1,398,864   $43,457   $1,627,010 

 

During the year ended December 30, 2022 and 2021, the Company purchased $238,897 and $422,863, respectively, in intangible assets, and recorded amortization expense of $372,976 and $366,329, respectively. During the years ended December 31, 2022 and 2021, impairment of $0 and $0 was recorded. Based on the carrying value of definite-lived intangible assets as of December 31, 2022, we estimate our amortization expense for the next five years will be as follows:

                                     
  Year ended December 31,  Patents  Intellectual Property  Capitalized Acquisition Costs  Total
 2023   $8,168   $155,664   $2,288   $166,120 
 2024    8,168    155,664    2,288    166,120 
 2025    8,168    155,664    2,288    166,120 
 2026    8,168    155,664    2,288    166,120 
 2027    8,168    155,664    2,288    166,120 
 Thereafter    122,513    311,327    29,729    463,569 
     $163,353   $1,089,647   $41,169   $1,294,169