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Intangible Assets

12 Months Ended

Dec. 31, 2023

11.

INTANGIBLE ASSETS

	Development			Other
	costs			intangibles			Total
	US$			US$			US$
Cost
At January 1, 2022		17,455,922			1,906,780			19,362,702
Additions		4,734,550			-			4,734,550
Impairment during the year		-			(1,871,976	)		(1,871,976	)
Exchange realignment		302,050			(34,804	)		267,246

At December 31, 2022 and January 1, 2023		22,492,522			-			22,492,522
Additions		2,097,621			-			2,097,621
Impairment during the year		(3,105,507	)		-			(3,105,507	)
Exchange realignment		335,329			-			335,329

At December 31, 2023		21,819,965			-			21,819,965

Accumulated amortization
At January 1, 2022		4,546,452			237,593			4,784,045
Amortization provided during the year		3,401,957			187,198			3,589,155
Impairment during the year		-			(421,195	)		(421,195	)
Exchange realignment		137,441			(3,596	)		133,845

At December 31, 2022 and January 1, 2023		8,085,850			-			8,085,850
Amortization provided during the year		6,202,250			-			6,202,250
Exchange realignment		237,782			-			237,782

At December 31, 2023		14,525,882			-			14,525,882

Net carrying amount
At December 31, 2023		7,294,083			-			7,294,083

At December 31, 2022		14,406,672			-			14,406,672

During the year ended December 31, 2023, an impairment loss of US$3,105,507 (2022: Nil; 2021: Nil) was recognized as certain development projects were abandoned and written down to their recoverable amount of nil as a result of changes in the Company’s technology development investment strategy.

During the year ended December 31, 2023, the Group also revised the estimated useful lives of certain intangible assets to better reflect the expected period of usage. The change has been applied prospectively and resulted in an increase in amortization of approximately US$1,900,000 for the year.