Intangible Assets, Net

9 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7 - Intangible Assets, Net

The following table summarizes the Company’s definite-lived intangible assets:

Intangible Assets, Net
	June 30, 2021
	Estimated Useful Life (Years)		Gross Carrying Amount		Additions		Impairment / banQi deconsolidation			Accumulated Amortization			Net Carrying Value
Domain names		3	$	140,012	$	—		—		$	(123,674	)	$	16,338
Capitalized software costs towards VV Wallet		3		4,855,125		1,012,937		(736,604	)		(1,836,202	)		3,295,256
Website		3		282,645		—		—			(220,893	)		43,867
Software		3		42,123		—		(42,123)			—			—
			$	5,319,905	$	1,012,937		(778,727	)	$	(2,198,654	)	$	3,355,461

	September 30, 2020
	Estimated Useful Life (Years)		Gross Carrying Amount		Additions		Accumulated Amortization			Net Carrying Value
Domain names		3	$	140,012	$	—	$	(98,137	)	$	41,875
Capitalized software costs towards VV Wallet		3		1,500,058		3,355,067		(702,477	)		4,152,648
Website		3		272,083		10,562		(185,122	)		97,523
			$	1,912,153	$	3,365,629	$	(994,800	)	$	4,292,046

The Company uses the straight-line method to determine the amortization expense for its definite-lived intangible assets. The amortization expense related to the definite-lived intangible assets was $0.4 million and $1.2 million for the three and nine months ended June 30, 2021, and $0.3 million and $0.6 million for the three and nine months ended June 30, 2020. The Company also recorded an impairment of $0.7 million and an effect of the banQi’s deconsolidation of $42.1 thousands for the nine months ended June 30, 2021.

Carrier EQ, LLC 10-Q