Company: TGNT
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001477932-25-003912
Chunk: 111

Company: Totaligent, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part II, Item 8
Chunk 111
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 Decision Maker, who was determined to be the Chief Executive Officer, manages and evaluates performance and allocates resources.  Recently accounting pronouncements In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, enhancing segment expense transparency. The update requires public entities to disclose significant segment expenses regularly provided to the chief operating decision maker and extends certain annual segment disclosures to interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, with interim period application required starting after December 15, 2024, and early adoption permitted. The Company adopted this guidance on January 1, 2024. The Company does not expect any of the recently issued accounting pronouncements to have a material impact on its financial condition or results of operations for the quarter ended as of March 31, 2025 or on a going forward basis. The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact its consolidated financial statements.

 F-11Table of Contents

3. Property and equipment    Property and equipment as of March 31, 2025 and December 31, 2024, are summarized as follows:   March 31,  December 31,   2025  2024 Computer equipment $71,335  $71,335 Computer server  22,551   22,551 Mining equipment  -   54,325    93,886   148,211 Less: Accumulated depreciation  (52,011 )  (81,857 )Property and equipment - net $41,875  $66,354  For the three months ended March 31, 2025 and 2024, the Company recorded $6,152 and $13,388 in depreciation expense, respectively. During the three months ended March 31, 2025, the Company disposed of its remaining mining equipment in the amount of $54,325. As a result of the disposal, the Company recorded a loss on disposal of fixed assets in the amount of $18,327.

4. Intangible assets Intangible assets consisted of the following at March 31, 2025 and December 31, 2024:   March