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Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

13. Intangible assets, net

The composition and movement of intangible assets is as follows:

Useful

Gross value

Accumulated amortization

Net carrying amount

Life

At December 31,

Years

2023

2022

2023

2022

2023

2022

Software

1 - 4

US$

58,281

US$

47,850

US$

(42,062)

US$

(35,125)

US$

16,219

US$

12,725


Balance as of January 1st, 2022		US$	12,632
Additions			6,790
Amortization			(6,696)
Exchange differences			(1)
Balance as of December 31, 2022			12,725
Additions			10,387
Amortization			(6,895)
Exchange differences			2
Balance as of December 31, 2023		US$	16,219

During the second half of 2021 and beginning of 2022 the Company implemented the SAP S/4HANA software. During 2022 and 2021 the costs directly attributable to developments and improvements to systems were recognized as an intangible asset and other non-qualifying costs as part of the implementation were recognized in the statements of operations.

Software amortization expense for the years ended December 31, 2023, 2022 and 2021 was US$6,895 and US$6,696, US$6,752, respectively. These amounts were recognized in depreciation and amortization caption on the consolidated statements of operations.