XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Intangible Assets
 3 Months Ended
Mar. 31, 2024
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

12. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

   March 31,   December 31, 
   2024   2023 
         
Trademarks  $128,619    847 
System and software   2,506,301    2,730,549 
Subtotal   2,634,920    2,731,396 
Less: accumulated depreciation and amortization   (318,934)   (311,131)
Less: impairment   (1,741,438)   (1,831,283)
Total  $574,548   $588,982 

 

Amortization expense included in general and administration expenses for the three months ended March 31, 2024 and 2023 was $14,259 and $14,259, respectively. Amortization expense included in cost of sales for the three months ended March 31, 2024 and 2023 was $0 and $0, respectively.

 

The estimated amortization is as follows:

 

As of March 31,  Estimated
amortization
expense		 
From April 1, 2024 to March 31, 2025  $57,035 
From April 1, 2025 to March 31, 2026   57,035 
From April 1, 2026 to March 31, 2027   57,035 
From April 1, 2027 to March 31, 2028   57,035 
From April 1, 2028 to March 31, 2029   57,035 
Thereafter   161,600 
Total  $446,775 

 

Type 1 and Type 2 licenses by Hong Kong Securities and Futures Commission have no expiration date and do not require amortization, amount was $127,773.