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Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

NOTE 5 – INTANGIBLE ASSETS, NET

Intangible assets, net mainly consist of the following:

		December 31, 2020				December 31 2019
Land use rights		$	1,016,215			$	952,455
Patents			417,919				391,697
Subtotal			1,434,134				1,344,152
Less: accumulated amortization for patents			(310,393	)			(234,456	)
Accumulated amortization for land use right			(149,045	)			(120,644	)
Subtotal			(459,438	)			(355,100	)
Intangible assets, net		$	974,696			$	989,052

Amortization expense was $76,141 and $58,671 for the years ended December 31, 2020 and 2019, respectively.

Estimated future amortization expense for intangible assets is as follows:

December 31,		Total amortization expense
2021		$	55,198
2022			55,198
2023			55,198
2024			29,043
2025			20,324
Thereafter			759,735
Total expense		$	974,696

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- References

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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