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INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET |
| 10. | Intangible assets, net
The Company’s intangible assets with definite useful lives primarily consist of patents and licensed software. The following table summarizes the components of acquired intangible asset balances as of:
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Patents |  | $ | 1,347,307 |  |  | $ | 1,115,004 |
Licensed software |  |  | 5,610,459 |  |  |  | 6,067,218 |
Software development costs |  |  | 9,412,638 |  |  |  | 1,080,020 |
Less: accumulated amortization |  |  | (2,117,829 | ) |  |  | (1,503,926 | )
Intangible assets, net |  | $ | 14,252,575 |  |  | $ | 6,758,316 |
Amortization expenses for the years ended December 31, 2020, 2019 and 2018 amounted to $482,332, $821,203 and $362,355, respectively. The estimated amortization is as follows:
For the year ended December 31 |  | Estimated amortization expense |
2021 |  | $ | 1,634,512 |
2022 |  |  | 1,634,512 |
2023 |  |  | 1,634,512 |
2024 |  |  | 1,634,512 |
2025 |  |  | 1,634,512 |
Thereafter |  |  | 6,080,015 |
Total |  | $ | 14,252,575 |

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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 + Details
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