Note 11 – Intangible assets, net

Intangible assets, net, as of December 31, 2017 and 2016 consisted of the following:

	December 31,
	2017		2016

Backlog contract (Note 9)	$	372	$	372
Proprietary technology (Note 9)		26,179		26,179
Virtual reality technologies (Note 9)		19,682		-
Accumulated amortization		(3,975)		(1,261)
Intangible assets, net	$	42,258	$	25,290

Amortization expenses of intangible assets were $2,714, $1,261 and nil for the years ended December 31, 2017, 2016 and 2015.

During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of the Company’s intangible assets. The impairment charge, if any, represented the excess of carrying amounts of the Company’s intangible assets over their fair value, using the expected future discounted cash flows. The Company believes that there was no impairment of its intangible assets for the years ended December 31, 2017, 2016 and 2015.

As of December 31, 2017, amortization expenses related to intangible assets for future periods are estimated to be as follows:

	For the years ending December 31,
											2023 and
	2018		2019		2020		2021		2022		thereafter
	$		$		$		$		$		$
Amortization expenses		3,277		3,277		3,277		3,277		3,277		25,872