v3.26.3
Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2026
Intangible Assets and Goodwill [Abstract]  
Intangible Assets and Goodwill
10. Intangible Assets and Goodwill

 

Cost:   Software     Licences     Goodwill     Total  
Balance, December 31, 2024   $ –     $ 15,827     $ –     $ 15,827  
Acquisition (note 4)     –       –       39,572,129       39,572,129  
Impact on loss of control of Canmart     –       (17,009 )     –       (17,009 )
Movement in exchange rates     –       1,182       –       1,182  
Balance, December 31, 2025   $     –     $ –     $ 39,572,129     $ 39,572,129  

 

Accumulated amortization:     Software       Licences       Goodwill       Total  
Balance, December 31, 2024 and 2025   $    –     $ –     $ –     $ –  

 

Impairment:   Software     Licences     Goodwill     Total  
Balance, December 31, 2024   $ –     $ –     $ –     $ –  
Addition     –       –       39,572,129       39,572,129  
Balance, December 31, 2025   $    –     $     –     $ 39,572,129     $ 39,572,129  

 

Net book value     Software       Licences       Goodwill       Total  
Balance, December 31, 2025   $    –     $ –     $ –     $ –  

 

During the year ended December 31, 2025, concurrent to the loss of control of Canmart, the Company derecognized Canmart’s cannabis distribution license with a net book value of $17,009 (note 5).

 

The Company performed its impairment test on goodwill and assessed that the sum of carrying value of CGU of First Towers and the carrying value of goodwill greatly exceeds the fair value of First Towers’ business. The calculated impairment loss was allocated to goodwill and other long-lived assets of First Towers – PPE (note 8) and ROU assets (note 9). Goodwill was fully impaired as at December 31, 2025 and an impairment loss of $39,572,129 was recorded in the consolidated statements of loss and comprehensive loss during the year ended December 31, 2025.