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GOODWILL
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL

8. GOODWILL

 

      
Balance as of December 31, 2022  $7,700,569 
Addition   - 
Impairment loss   (7,362,187)
Effect of exchange rate   (338,382)
Balance as of December 31, 2023  $- 

 

The goodwill associated with the acquisition of: (i) Yundian of $6,596,636; (ii) Code Beating of $5,956,203 and (iii) Yuanxing of $1,744,366, were initially recognized at the acquisition closing dates. The Company estimated the fair value of acquired assets and liabilities with the assistance of an independent valuation firm.

 

As of December 31, 2023 and 2022, the goodwill amounted to nill and $7,700,569, respectively. Impairment losses for the years ended December 31, 2023 and 2022 was $7,362,187 and $6,244,555, respectively.

 

 

MEIWU TECHNOLOGY COMPANY LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS