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INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2022
Seamless Group Inc [Member]  
INTANGIBLE ASSETS, NET

7 Intangible assets, net

 

Intangible assets, net as of December 31, 2022 and 2021 consisted of the following:

 

   2022   2021 
   December 31, 
   2022   2021 
   US$   US$ 
         
Software   20,546,739    20,547,957 
Developed technologies   5,853,354    5,853,354 
Trade names and trademarks   7,043,640    7,043,640 
Total   33,443,733    33,444,951 
Less: accumulated amortization   (23,593,955)   (20,061,254)
Intangible assets, net   9,849,778    13,383,697 

 

Amortization expenses of US$1,984,831 and US$1,540,557 were recorded in cost of revenue and general and administrative expenses respectively, for the year ended December 31, 2022.

 

Amortization expenses of US$3,375,733 and US$1,540,557 were recorded in cost of revenue and general and administrative expenses respectively, for the year ended December 31, 2021.

 

 

SEAMLESS GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

7 Intangible assets, net (Continued)

 

As of December 31, 2022, the estimated future amortization expense for each of the next five years and thereafter was as follows:

 

   Amortization 
   US$ 
For the year ending December 31,     
2023   3,002,254 
2024   2,438,878 
2025   2,270,486 
2026   1,833,157 
2027   305,003 
Thereafter   — 
Total   9,849,778