XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.22.1

INTANGIBLE ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE－9 INTANGIBLE ASSETS As of December 31, 2021 and 2020, intangible assets consisted of the following: Schedule of intangible assets
Schedule of intangible assets |  |  |  |  |  |  |  |  |  |
|  | Useful life |  | December 31, 2021 |  | December 31, 2020
At cost: |  |  |  |  |  |  |  |  |  |
Software platform |  | 2.5 years |  | $ | 8,000,000 |  |  | $ | 8,000,000 |
Other intangible assets |  | 3 – 5 years |  |  | 1,725 |  |  |  | 1,725 |
|  |  |  |  | 8,001,725 |  |  |  | 8,001,725 |
Less: accumulated amortization |  |  |  |  | (4,001,725 | ) |  |  | (801,725 | )
|  |  |  | $ | 4,000,000 |  |  | $ | 7,200,000 |
On November 1 2018, the Company entered software development agreement with CVO Advisors Pte Ltd (CVO) 2018 to design and build App and Web-based platform for the total consideration of $8,000,000. CVO who is a third party vendor in the business of designing, developing, operating computer software applications including mobile and web application for social media, big data, point of sales, loyalty rewards, food delivery and technology platforms in Asia. The CVO developer performed and accepted technical work, of software development phase, which was materially completed by December 23, 2018. The Company obtained a third party license (Wallet Factory International Ltd) for their technology build up by CVO. The delivered platform was further developed by the Company’s in-house technology team (based in Noida that SoPa is currently using for the loyalty platform. The platform can be downloaded from Apple store or Google play store (i.e. SoPa App) and the Company’s web version is on www.sopa.asia. The platform was completed developed on September 30, 2020 with the estimated life of 2.5 years. The platform started to be amortized from October 1, 2020. Further, the Company entered subscription agreement with CVO to issued 8,000 shares of preferred stocks for the software development, equal to the aggregate of $8,000,000 or at the stated value of $1,000 per share. Pursuant to the subscription agreement entered with CVO, the Company issued 8,000 shares of Series A convertible preferred stock for the purchase of software development at the stated value of $1,000 per share, totaling $8,000,000. CVO performed and accepted the technical work such as designing, developing, operating computer software applications including mobile and web application for social media, big data, point of sales, loyalty rewards, food delivery and technology platforms. The holder of this series A provided their consent to waive the warrant provision available with them and accordingly the preferred series A accounted in 2018. Also, the owner of CVO entered into call option agreement with the CEO of the Company to sell all the shares of CVO for the sum of $10 per share, as of date, these options were exercised by the CEO of the Company, but the equity holders of CVO Advisors Pte. Ltd. have not honored the exercise of the call. The parties are currently in litigation (refer Note 19). As a result of this option exercise, there was no accounting effect on the Company’s financial statement during the period ended December 31, 2021. Amortization of intangible assets attributable to future periods is as follows:
Schedule of Amortization of intangible assets |  |  |  |
Year ending December 31: |  | Amount
2022 |  | $ | 3,200,000 |
2023 |  |  | 800,000 |
|  | $ | 4,000,000 |
Amortization of intangible assets was $3,200,000 and $801,479 for the years ended December 31, 2021 and 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration