Intangible Assets

6 Months Ended

Jun. 30, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS

13. INTANGIBLE ASSETS

Intangible assets consist of the following:

	June 30,			December 31,
	2024			2023
Trademarks	$	128,063			847
System and software		2,498,901			2,730,549
Subtotal		2,626,964			2,731,396
Less: accumulated depreciation and amortization		(332,708	)		(311,131	)
Less: impairment		(1,733,677	)		(1,831,283	)
Total	$	560,579		$	588,982

Amortization expense included in general and administration expenses for the six months ended June 30, 2024 and 2023 was $28,518 and $28,518, respectively. Amortization expense included in cost of sales for the six months ended June 30, 2024 and 2023 was $0 and $0, respectively.

The estimated amortization is as follows:

As of June 30,	Estimated amortization expense
From July 1, 2024 to July 31, 2025	$	57,035
From July 1, 2025 to July 31, 2026		57,035
From July 1, 2026 to July 31, 2027		57,035
From July 1, 2027 to July 31, 2028		57,035
From July 1, 2028 to July 31, 2029		57,035
Thereafter		147,631
Total	$	432,806

Type 1 and Type 2 licenses by Hong Kong Securities and Futures Commission have no expiration date and do not require amortization, amount was $127,773.