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Software
 12 Months Ended
Dec. 31, 2024
Software [Abstract]  
SOFTWARE

NOTE 6 — SOFTWARE

 

The Company acquired the software through two transactions: (1) an asset transfer agreement with its former subsidiary, Hanryu Bank Co., Ltd., from which all equity interest was sold in December 2024, and (2) the transfer of the Faning application. The acquisition cost of $4,940,000 was determined based on an independent appraisal. The software is classified as an intangible asset in accordance with ASC 350 – Intangibles—Goodwill and Other, and is being amortized on a straight-line basis over its estimated useful life of five years. Beginning in 2025, the related amortization expense will be recognized as a non-operating expense in the consolidated statements of operations.

 

   December 31,
2024		   December 31,
2023		 
Acquisition cost  $4,940,000   $
—
 
Less Accumulated amortization   
(—
)   
(—
)
Net book value  $4,940,000   $
—
 

 

The Company regularly evaluates the recoverability of its software assets and determined that no impairment was necessary as of December 31, 2024.