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Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2023
Intangible Assets, Net [Abstract] |
INTANGIBLE ASSETS, NET | 8. INTANGIBLE ASSETS, NET
|  | December 31, 2023 |  |  | December 31, 2022 |
Gross carrying amount |  |  |  |  |  |
Prepaid patented licenses |  | $ | 728,205 |  |  | $ | 1,038,205 |
Computer software |  |  | 223,858 |  |  |  | 223,858 |
|  |  | 952,063 |  |  |  | 1,262,063 |
Less: accumulated amortization and impairment |  |  |  |  |  |  |  |
Prepaid patented licenses |  |  | 728,205 |  |  |  | 474,131 |
Computer software |  |  | 76,511 |  |  |  | 35,227 |
|  |  | 804,716 |  |  |  | 509,358 |
Intangible assets, net |  |  |  |  |  |  |  |
Prepaid patented licenses |  |  | - |  |  |  | 564,074 |
Computer software |  |  | 147,347 |  |  |  | 188,631 |
Intangible assets, net |  | $ | 147,347 |  |  | $ | 752,705 |
As of December 31, 2022, the Group has capitalized eight of the exclusive licenses, which includes seven patented technologies in relation to the Group’s therapeutics segment respectively. Pursuant to the license agreements, the Group paid upfront payments and became the exclusive licensee to prosecute certain patents developed or licensed under the applicable agreements. For the year ended December 31, 2023, the Group terminated two of the licenses. The Group is also in the process of terminating the other six licenses, and hence the Group considered that the carrying amount of these intangible assets are not recoverable and are fully impaired. As a result, the Group recorded $519,496 impairment loss on intangible assets in research and development expenses. Besides, an impairment loss related to the computer software for Hong Kong healthcare services amounted to $1,841 was recorded in other operating expenses, as the Group considered that the carrying amount of these intangible assets are not recoverable and are fully impaired. For the year ended December 31, 2022, a loss on disposal of $205,189 related to a patented license was recognized in research and development expenses. For the year ended December 31, 2021, no impairment loss and gain or loss on disposal was recorded. Prepaid patented licenses and computer software are finite-lived intangible assets which are amortized over their estimated useful life. Amortization expenses for finite-lived intangible assets amounted to $84,020, $114,553 and $106,014 for the years ended December 31, 2023, 2022 and 2021, respectively. The Group wrote off the cost and the related amortization of $nil, $nil and $1,344 after the expiration of the computer software for the years ended December 31, 2023, 2022 and 2021, respectively. The Group expects amortization expense related to its finite-lived intangible assets for the next five years and thereafter to be as follows as of December 31, 2023:
For the years ending December 31, |  | Amount |
2024 |  | $ | 38,438 |
2025 |  |  | 38,439 |
2026 |  |  | 38,439 |
2027 |  |  | 32,031 |
Total |  | $ | 147,347 |

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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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