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Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

 

As of September 30, 2023 and December 31, 2022, intangible assets consisted of the following:

 

   September 30,
2023
   December 31,
2022
 
Accounting software  $26,800   $26,800 
Virtual and augmented reality software   2,343,517    - 
Intangible assets, gross   2,370,317    26,800 
Less: accumulated depreciation   (160,621)   (12,963)
Intangible assets, net  $2,209,696   $13,837 

 

Amortization expense was $153,432 and $4,023 for the nine months ended September 30, 2023 and 2022; and $122,879 and $1,341 for the three months ended September 30, 2023 and 2022. Amortization of intangible assets from discontinued operations was $0 for the nine months ended September 30, 2023 and 2022, respectively.

 

On May 10, 2023, the virtual reality and augmented reality development project was completed and put it in use. The total payment to IT firm was 11,000,000 Malyaia Ringgit ($2,343,517) and was recorded as intangible asset. (see Note 8)