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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 11 – INTANGIBLE ASSETS Intangible assets consist of game licenses, game software underlying intellectual property rights, game trademarks and other branding items. The Company amortizes the intangible assets over its useful life. The following tables reflect all the intangible assets presented on the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: SCHEDULE OF INTANGIBLE ASSETS
|  | September 30, 2023
|  | Gross |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Net Book |  |  | Average
|  | Amount |  |  | Amortization |  |  | Loss |  |  | Value |  |  | Useful Life
License rights from related parties |  | $ | 136,665,000 |  |  | $ | (136,534,565 | ) |  | $ | — |  |  | $ | 130,435 |  |  | 3-5 years
License rights |  | $ | 3,000,000 |  |  | $ | (3,000,000 | ) |  | $ | — |  |  | $ | — |  |  | 5 years
Intangible assets - other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | $ | 51,784 |  |  | $ | (51,784 | ) |  | $ | — |  |  | $ | — |  |  | 3 years
Trademark |  |  | 10,745 |  |  |  | (9,713 | ) |  |  | — |  |  |  | 1,032 |  |  | 12 years
In-progress patent |  |  | 270,886 |  |  |  | — |  |  |  | — |  |  |  | 270,886 |  |  |
Total: |  | $ | 333,415 |  |  | $ | (61,497 | ) |  | $ | — |  |  | $ | 271,918 |  |  |
Snail Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements
|  | December 31, 2022 |
|  | Gross |  |  |  |  |  |  |  |  |  |  |  | Weighted
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Net Book |  |  | Average
|  | Amount |  |  | Amortization |  |  | Loss |  |  | Value |  |  | Useful Life
License rights from related parties |  | $ | 136,665,000 |  |  | $ | (135,280,942 | ) |  | $ | — |  |  | $ | 1,384,058 |  |  | 3-5 years
License rights |  | $ | 3,000,000 |  |  | $ | (3,000,000 | ) |  | $ | — |  |  | $ | — |  |  | 5 years
Intangible assets - other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | $ | 51,784 |  |  | $ | (51,784 | ) |  | $ | — |  |  | $ | — |  |  | 3 years
Trademark |  |  | 10,745 |  |  |  | (9,110 | ) |  |  | — |  |  |  | 1,635 |  |  | 12 years
In-progress patent |  |  | 270,886 |  |  |  | — |  |  |  | — |  |  |  | 270,886 |  |  |
Total: |  | $ | 333,415 |  |  | $ | (60,894 | ) |  | $ | — |  |  | $ | 272,521 |  |  |
Amortization expense was $195,853 and $1,851,203 for the three months ended September 30, 2023 and 2022, respectively. Amortization expense was $1,254,226 and $5,803,610 for the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in cost of revenues in the accompanying condensed consolidated statements of operations and comprehensive income (loss). The weighted average remaining useful life for which amortization expense will be recognized is 0.3 years as of September 30, 2023. Future amortization expense of intangible assets is as follows: SCHEDULE OF FUTURE AMORTIZATION EXPENSE OF INTANGIBLE ASSETS
Years ending December 31, |  | Amount |
Remainder of 2023 |  | $ | 130,636 |
2024 |  |  | 804 |
2025 |  |  | 27 |
2026 |  |  | — |
2027 |  |  | — |
Thereafter |  |  | 270,886 |
Total |  | $ | 402,353 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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