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Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

13. INTANGIBLE ASSETS

Intangible assets consist of the following:

		September 30,				December 31,
		2022				2021
		(Unaudited)				(Audited)
Trademarks		$	845			$	941
System and software			2,540,463				2,126,791
Subtotal			2,541,308				2,127,732
Less: accumulated depreciation and amortization			(178,568	)			(148,533	)
Less: impairment			(1,708,968	)			(1,903,059	)
Total			653,772				76,140

Amortization expense included in general and administration expenses for the nine months ended September 30, 2022 and 2021 was $45,699 and $3,750, respectively. Amortization expense included in cost of sales for the nine months ended September 30, 2022 and 2021 was $0 and $0, respectively.

The estimated amortization is as follows:

As of September 30,		Estimated amortization expense
From October 1, 2022 to September 30, 2023		$	71,170
From October 1, 2023 to September 30, 2024			71,170
From October 1, 2024 to September 30, 2025			71,088
From October 1, 2025 to September 30, 2026			70,923
From October 1, 2026 to September 30, 2027			70,923
Thereafter			298,498
Total		$	653,772

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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