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Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Note 9 – Intangible assets, net

The following table presents the Company’s intangible assets as of the respective balance sheet dates:

	As of December 31,			As of December 31,
	2023			2022
Land use right	$	2,562,689		$	2,626,781
Non-patent technology		687,437			704,630
License		4,180,417			4,181,273
Software		5,034,167			5,760,071
Patents		29,879,744			29,879,744
Total		42,344,454			43,152,499
Accumulated amortization		(15,468,932	)		(15,523,631	)
Provision for impairment		(24,545,745	)		(20,738,130	)
Intangible assets, net	$	2,329,777		$	6,890,738

Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to US$481,728, US$8,888,601 and US$3,399,649, respectively. The Company recorded impairment charges on intangible assets of US$3,708,247, US$20,738,130 and nil for the years ended December 31, 2023, 2022 and 2021, respectively. The approximately US$3.7 million and US$20.7 million impairment charges recorded in the years ended December 31, 2023 and 2022 were recorded against a license and patents, respectively, as the carrying amount of the assets were deemed not recoverable due to the assets’ economic obsolescence identified during the periods. The impairment losses were included in the general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Estimated future amortization expense related to intangible assets held as of December 31, 2023:

Year
2024	$	134,407
2025		51,254
2026		51,254
2027		51,254
2028		51,254
Thereafter		1,990,354
Total	$	2,329,777