Quarterly report [Sections 13 or 15(d)]

INTANGIBLE ASSETS

v3.26.1
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2026
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 7. INTANGIBLE ASSETS

 

Intangible assets are comprised of SOBRsafeTM Intellectual Technology and consist of the following:

 

 

 

June 30,

2026

 

 

December 31,

2025

 

Gross carrying amount

 

 $ 3,398,298

 

 

 $ 3,854,675

 

Accumulated amortization

 

 

 (2,293,246 )

 

 

 (2,152,174 )

Asset impairment loss

 

 

 (1,105,052 )

 

 

 (456,377 )

Net intangible asset

 

 $ -

 

 

 $ 1,246,124

 

Amortization period (in years)

 

 

 10

 

 

 

 10

 

 

On June 30, 2026, the Company discontinued cash flow generating operations supported by the SOBRsafeTM Intellectual Technology where all commercialization activity related to the intellectual property ceased. The Company has no plan to continue using, selling, licensing or otherwise monetizing the intellectual property through commercial means, and has not identified alternative uses including direct acquisition of the technology from the immediate observable market indicating residual value exists that would generate future cash flows. At June 30, 2026, the Company recognized an asset impairment loss of $1,105,052 as the recoverability of the asset value is not feasible.

 

Total amortization expense was $141,072 and $192,732 for the six months ended June 30, 2026, and 2025, respectively. Total amortization expense was $70,536 and $96,366 for the three months ended June 30, 2026 and 2025, respectively.