Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS (Tables)

v3.24.3
INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]  
SCHEDULE OF INTANGIBLE ASSETS ACQUIRED FROM RCS

The following table summarizes the consideration transferred to acquire RCS and the amounts of identified assets acquired and liabilities assumed at the acquisition date.

 

         
Note payable forgiven     202,093  
Convertible debentures repaid on behalf of RCS     153,986  
Common shares     295,000  
Contingent consideration     79,000  
Previously invested equity     118,850  
Purchase price   $ 848,929  

 

 

    August 16, 2024  
Purchase price    

848,929

  
         

Assets acquired

        
In-process research and development     300,000  
Trademark     10,000  
Brand logo     10,000  
Web domain     10,000  
Customer list     138,000  
Device firmware and software     50,000  
Blueprints     20,000  
Fair value of identified net assets acquired     538,000  
Goodwill acquired on acquisition   $ 310,929  
SCHEDULE OF FUTURE AMORTIZATION EXPENSE

The estimated annual amortization expense for the next five years are as follows:

 

Period ending:   Amount  
Remaining 2024   $ 159,312  
2025     656,174  
2026     656,174  
2027     656,174  
2028     656,174  
2029     639,643  
Thereafter     4,946,772  
Total   $ 8,370,423  
Radical Clean Solutions Ltd [Member]  
Restructuring Cost and Reserve [Line Items]  
SCHEDULE OF INTANGIBLE ASSETS ACQUIRED FROM RCS

The Company acquired intangible assets from RCS as part of the business combination (Note 3). The following intangible assets were acquired from RCS:

SCHEDULE OF INTANGIBLE ASSETS ACQUIRED FROM RCS

    Weighted Average Useful Life (Years)      
In-process research and development   Term of the patent     300,000  
Trademark   10     10,000  
Brand logo   10     10,000  
Web domain   5     10,000  
Customer list   5     138,000  
Device firmware and software   5     50,000  
RCS blueprints   5     20,000  
Identified assets acquired, goodwill and liabilities assumed       $ 538,000