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Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Intangible Assets [Abstract] |
Intangible assets | 10. Intangible assets
|  | Six months ended June 30, 2024 |
|  | Computer software |  |  | Intellectual property rights (Note) |  |  | Total |
January 1 |  |  |  |  |  |  |  |  |
Cost |  | $ | 555,562 |  |  | $ | 6,000,000 |  |  | $ | 6,555,562 |
Accumulated amortization |  |  | (136,050 | ) |  |  | (550,000 | ) |  |  | (686,050 | )
|  | $ | 419,512 |  |  | $ | 5,450,000 |  |  | $ | 5,869,512 |
At January 1 |  | $ | 419,512 |  |  | $ | 5,450,000 |  |  | $ | 5,869,512 |
Additions - acquired separately |  |  | - |  |  |  | 37,508 |  |  |  | 37,508 |
Amortization expenses |  |  | (118,763 | ) |  |  | (323,479 | ) |  |  | (442,242 | )
Net exchange differences |  |  | (26,485 | ) |  |  | 16,854 |  |  |  | (9,631 | )
At June 30 |  | $ | 274,264 |  |  | $ | 5,180,883 |  |  | $ | 5,455,147 |
At June 30 |  |  |  |  |  |  |  |  |  |  |  |
Cost |  | $ | 509,348 |  |  | $ | 9,069,035 |  |  | $ | 9,578,383 |
Accumulated amortization |  |  | (235,083 | ) |  |  | (3,888,152 | ) |  |  | (4,123,235 | )
|  | $ | 274,264 |  |  | $ | 5,180,883 |  |  | $ | 5,455,147 |
Note: | On January 10, 2023 (the “Agreement Date”), the Group entered into an intellectual property purchase agreement effective on January 16, 2023 (the “Effective Time”) with SeeQuestor Limited (“SeeQuestor”), a company providing video analytics technology incorporated and registered in England and Wales.
The Group acquired all and/or any intellectual property rights, including but not limited to patents and trademarks, owned, used or held for use by and/or on behalf of SeeQuestor, including without limitations, such rights as relate to SeeQuestor’s products. The purchase price for the intellectual property rights consists of fixed consideration amounting to $6,000,000 and contingent payment through issuance of the Company’s shares of an amount equal to $3,000,000 which is conditional to certain financial performance through intellectual property rights from Agreement Date up to and including December 31, 2023. The contingent payment through issuance of the Company’s shares is a share-based payment and recognized in ‘capital surplus’. The Group has made payments of $600,000 and $2,400,000 on Agreement Date and Effective Time, respectively, and payment of a further $3,000,000 has not been paid as of June 30, 2024. Details of amortization on intangible assets are as follows:
|  | Six months ended June 30, 2024 |  |  | Six months ended June 30, 2023 |
Selling and marketing expenses |  | $ | - |  |  | $ | 3,828 |
General and administrative expenses |  |  | 131,452 |  |  |  | 12,660 |
Research and development expenses |  |  | 310,790 |  |  |  | 390,085 |
|  | $ | 442,242 |  |  | $ | 406,573 |

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- Definition The disclosure of detailed information about intangible assets. [Refer: Intangible assets other than goodwill] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 38 -IssueDate 2024-01-01 -Paragraph 118 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2024-en-r&anchor=para_118&doctype=Standard -URIDate 2024-03-27 + Details
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