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Intangible Assets
 9 Months Ended
Sep. 30, 2024
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

12. INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

   September 30,   December 31, 
   2024   2023 
         
Trademarks  $128,691    847 
System and software   2,531,008    2,730,549 
Subtotal   2,659,699    2,731,396 
Less: accumulated depreciation and amortization   (349,584)   (311,131)
Less: impairment   (1,763,167)   (1,831,283)
Total  $546,948   $588,982 

 

Amortization expense included in general and administration expenses for the nine months ended September 30, 2024 and 2023 was $42,776 and $42,776, respectively. Amortization expense included in cost of sales for the nine months ended September 30, 2024 and 2023 was $0 and $0, respectively.

 

The estimated amortization is as follows:

 

As of September 30,  Estimated
amortization
expense		 
From October 1, 2024 to September 30, 2025  $57,035 
From October 1, 2025 to September 30, 2026   57,035 
From October 1, 2026 to September 30, 2027   57,035 
From October 1, 2027 to September 30, 2028   57,035 
From October 1, 2028 to September 30, 2029   57,035 
Thereafter   76,047 
Total  $418,257 

 

Type 1 and Type 2 licenses by Hong Kong Securities and Futures Commission have no expiration date and do not require amortization, amount was $128,691.