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INTANGIBLE ASSET
3 Months Ended
Mar. 31, 2022
INTANGIBLE ASSET  
NOTE 6 - INTANGIBLE ASSET

NOTE 6 – INTANGIBLE ASSET

 

Intangible asset is software development cost incurred by company, it will be amortized on a straight line basis over the estimated useful life of 5 years as follow:

 

March 31, 2022

 

 

Gross Carrying Amount

 

 

Accumulated Amortization 

 

 

Net Carrying Amount

 

 

Weighted Average

 Useful Life (Years)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Software development

 

$

57,143

 

 

$

(26,794

)

 

$

30,349

 

 

 

5

 

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

5,906

 

 

 

 

 

Intangible assets, net

 

$

57,143

 

 

$

(26,794

)

 

$

36,255

 

 

 

 

 

 

Amortization expense for intangible assets was $1,618 for the three months period ended March 31, 2022.

 

Expected future intangible asset amortization as of March 31, 2022 was as follows:

 

Fiscal years:

 

 

 

Remaining 2022

 

$23,558

 

2023

 

 

12,697