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Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

9. INTANGIBLE ASSETS

 

As of December 31, 2019 and 2018, intangible assets consist of:

 

    Software and software              
    development costs     Trademarks     Total  
Gross carrying amounts Balance as of January 1, 2018   $ 4,315,870       943,645       5,259,515  
Foreign currency translation     (232,327 )     (50,797 )     (283,124 )
Balance as of December 31, 2018     4,083,543       892,848       4,976,391  
Foreign currency translation     (53,061 )     (11,603 )     (64,664 )
Balance as of December 31, 2019     4,030,482       881,245       4,911,727  
Accumulated amortization Balance as of January 1, 2018     3,539,466       911,342       4,450,808  
Amortization expense     716,744       17,406       734,150  
Foreign currency translation     (218,746 )     (49,742 )     (268,488 )
Balance as of December 31, 2018     4,037,464       879,006       4,916,470  
Amortization expense     45,889       12,275       58,164  
Foreign currency translation     (52,871 )     (11,532 )     (64,403 )
Balance as of December 31, 2019     4,030,482       879,749       4,910,231  
Intangible assets, net   $ -     $ 1,496     $ 1,496  

 

Amortization expense for the year ended December 31, 2019, 2018 and 2017 was approximately $0.06 million, $0.7 million and $0.8 million, respectively.

 

Estimated amortization for 2020 is $1,496, and intangible assets will be fully amortized in 2020.