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NOTE 5 - INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
NOTE 5 - INTANGIBLE ASSETS

NOTE 5 - INTANGIBLE ASSETS

 

Patents

 

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

 

Patents are reported at cost, less accumulated amortization and accumulated impairment loss. Costs include 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 capitalizes 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 Color 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 Color 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 March 31, 2023 and December 31, 2022, trademarks consisted of the following:

                 
   March 31,  December 31,
   2023  2022
Trademarks:          
NewzMineTM  $9,920   $9,920 
Citizens Journalist™   25,367    25,367 
Effects of currency translation   (2,830)   (3,461)
   $32,457   $31,826 

 

 

As of March 31, 2023 and December 31, 2022, intangible assets consisted of the following:

                                         
Cost  Patents  Trademarks  Intellectual Property  Capitalized Acquisition Costs  Total
At December 31, 2022  $168,300   $31,826   $2,764,198   $45,745   $3,010,069 
Additions   11,138    —      —      —      11,138 
Effects of currency translation   3,337    631    54,822    —      58,790 
At March 31, 2023  $182,775   $32,457   $2,819,020   $45,745   $3,079,997 
                          
Less accumulated amortization                         
At December 31, 2022  $4,947   $—     $1,674,551   $4,576   $1,684,074 
Amortization expense   12,569    —      43,380    572    56,521 
Effects of currency translation   98    —      33,211    —      33,309 
At March 31, 2023  $17,614   $—     $1,751,142   $5,148   $1,773,904 
                          
Net book value                         
At March 31, 2023  $165,161   $32,457   $1,067,878   $40,597   $1,306,093 
At December 31, 2022  $163,353   $31,826   $1,089,647   $41,169   $1,325,995 

 

During the three months ended March 31, 2023 and 2022, the Company purchased $11,138 and $11,684, respectively, in intangible asset and recorded amortization expenses of $56,521 and $101,193, respectively. During the three months ended March 31, 2023 and 2022, impairment of $0 and $0 was recorded. Based on the carrying value of definite-lived intangible assets as of March 31, 2023 we estimate our amortization expense for the next five years will be as follows:

                                     
Three months ended March 31,  Patents  Intellectual Property  Capitalized Acquisition Costs  Total
 9 months remaining 2023   $6,194   $114,416   $1,716   $122,326 
 2024    8,258    152,554    2,288    163,100 
 2025    8,258    152,554    2,288    163,100 
 2026    8,258    152,554    2,288    163,100 
 2027    8,258    152,554    2,288    163,100 
 2028    8,258    152,554    2,288    163,100 
 Thereafter    117,677    190,692    27,441    335,810 
     $165,161   $1,067,878   $40,597   $1,273,636