RE:Something unimaginable :):):)Remember the Good News releases about Nexalogy, Medi-Call, EVS?? and the millions spent on these awesome revenue generators? Where are they now?
Nexalogy: no development of technologies halted:
Nexalogy Trademarks and other intangibles include indefinite life trademarks in the amount of $400,000 (December 31, 2022 - $400,000) relating to the Nexalogy brand. The goodwill and indefinite life trademarks are both a result of the Nexalogy acquisition. During the fifteen months ended March 31, 2024, the Company halted Nexalogy operations and management decided to shift focus to other business ventures resulting in the Company completely writing down its trademarks, other intangibles and goodwill by recording an impairment loss of $3,831,603.
Medi-Call: failure
Medi-Call During the twelve months ended December 31, 2022, the Company recorded an impairment loss of $4,520,112 related to its developed technologies related to Medi-Call, due to Medi-Call falling short of the expected revenues and financial performance during the year. The impairment was determined using a value in use recoverable amount calculation, utilizing a 34.8% discount rate, which is consistent with the original valuation of the developed technology at the acquisition during the year ended December 31, 2021. During the fifteen months ended March 31, 2024, Medi-Call operation did not generate expected revenues and management decided to shift focus to other business ventures resulting in the Company completely writing down its developed technologies by recording an additional impairment loss of $6,743,847.
EVS: Failure
EVS During the year ended December 31, 2022, the Company acquired EVS resulting in an increase in developed technologies of $4,272,000 (note 14). During the twelve months ended December 31, 2022, the Company recorded an impairment loss of $2,225,205 related to its developed technologies related to EVS, due to EVS falling short of the expected revenues and financial performance during the year. The impairment was determined using a value in use recoverable amount calculation, utilizing a 21% discount rate, which is consistent with the original valuation of the developed technology at the acquisition (note 14). As a result of the sale of EVS to New World, the intangible assets have been deconsolidated as of December 7, 2023.
All were hyped as a huge future generator of revenue for the company with splashy press releases and discord. Where are they now? The dustbin of news release history! Just like the $40 MILLION CAN Gov contract...... AI is DEAD without development... which it isnt being developed any more so soon LOTE will have to look other places for their AI needs.
Cereal Crunch good that it was purchased with all shares, just diluting share holder equity... Great News!!!