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Intangible Assets
 12 Months Ended
Dec. 31, 2023
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

13. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

   December 31,   December 31, 
   2023   2022 
         
Trademarks  $847   $862 
System and software   2,730,549    2,578,647 
Subtotal   2,731,396    2,579,509 
Less: accumulated depreciation and amortization   (311,131)   (199,151)
Less: impairment   (1,831,283)   (1,862,289)
Total   588,982    518,069 

 

Amortization expense included in general and administration expenses for the years ended December 31, 2023 and 2022 was $57,035 and $63,552, respectively. Amortization expense included in cost of sales for the years ended December 31, 2023 and 2022 was $0 and $0, respectively.

 

The estimated amortization is as follows:

 

As of December 31,  Estimated
amortization
expense		 
From January 1, 2024 to December 31, 2024  $57,035 
From January 1, 2025 to December 31, 2025   57,035 
From January 1, 2026 to December 31, 2026   57,035 
From January 1, 2027 to December 31, 2027   57,035 
From January 1, 2028 to December 31, 2029   57,035 
Thereafter   175,859 
Total  $461,034 

 

The trading rights of license plates 1 and 2 on the Hong Kong Stock Exchange have no expiration date and do not require amortization, amount was $127,948.