Digital Currencies Intangible Assets

9 Months Ended

Sep. 30, 2022

Digital Currencies Intangible Assets

Digital currencies intangible assets

Note 7 – Digital Currencies Intangible Assets

The Company mined Crypto currencies with a total aggregate value of $46,976. The Company has accounted for these coins as indefinite life intangible assets. The Company recorded the mining of the coins as revenue from digital currency mining in its result of operations, along with cost of sales (electricity and deprotection of digital assets machines). During the nine months ended September 30, 2022, the Company recorded impairment of $6,125 associated with the fair market value in excess of the cost. On April 1, 2022, the Company sold digital currency intangible assets with a net book value of $26,825 as part of the divestiture of the Company’s digital asset operations (see Note 4). The Company’s digital currency assets consist of the following at September 30, 2022 and December 31, 2021:

	September 30,			December 31,
Digital currencies held	2022			2021
Opening balance	$	33,324		$	-
Additional earned		46,976			38,919
Remittance as operating cost		(27	)		-
Repayment of related party loan		(47,323	)		-
Impairment		(6,125	)		(5,595	)
Disposition		(26,825	)		-
	$	-		$	33,324