Company: TGNT
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001477932-25-005790
Chunk: 88

Company: Totaligent, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 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 June 30, 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 unaudited consolidated financial statements.

 F-12Table of Contents

3. Property and equipment  Property and equipment as of June 30, 2025 and December 31, 2024, are summarized as follows:   June 30,  December 31,   2025  2024 Computer equipment $75,000  $71,335 Computer server  19,751   22,551 Mining equipment  -   54,325    94,751   148,211 Less: Accumulated depreciation  (56,545)  (81,857 )Property and equipment - net $38,206  $66,354  For the six months ended June 30, 2025 and 2024, the Company recorded $9,821 and $13,389 in depreciation expense, respectively. For the three months ended June 30, 2025 and 2024, the Company recorded $3,670 and $4,383 in depreciation expense, respectively. During the six months ended June 30, 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 June 30, 2025 and December 31, 2024:   June 30,  December 31,   2025  2024 Software development costs $143,225  $127,991    143,225   127,991 Less: Accumulated amortization  -   - Intangible assets -