Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Intangible assets

14. Intangible assets

	Year ended December 31, 2023
	Computer software			Intellectual property rights (Note 1)			Total
January 1
Cost	$	2,403,406		$	-		$	2,403,406
Accumulated amortization		(2,347,064	)		-			(2,347,064	)
	$	56,342		$	-		$	56,342
At January 1	$	56,342		$	-		$	56,342
Additions－acquired separately		538,446			6,000,000			6,538,446
Amortization expenses		(176,031	)		(550,000	)		(726,031	)
Net exchange differences		755			-			755
At December 31	$	419,512		$	5,450,000		$	5,869,512
December 31
Cost	$	555,562		$	6,000,000		$	6,555,562
Accumulated amortization		(136,050	)		(550,000	)		(686,050	)
	$	419,512		$	5,450,000		$	5,869,512

	Year ended December 31, 2022
	Computer software
January 1
Cost	$	18,144,910
Accumulated amortization		(14,725,441	)
	$	3,419,469
At January 1	$	3,419,469
Additions－acquired separately		73,093
Amortization expenses		(1,687,618	)
Disposals (Note 2)		(1,645,166	)
Net exchange differences		(103,436	)
At December 31	$	56,342
December 31
Cost	$	2,403,406
Accumulated amortization		(2,347,064	)
	$	56,342

Note 1: On January 10, 2023 (the “Agreement Date”), the Group entered into an intellectual property purchase agreement effective on January 16, 2023 (the “Effective Time”) with SeeQuestor Limited (“SeeQuestor”), a company providing video analytics technology incorporated and registered in England and Wales.

The Group acquired all and/or any intellectual property rights, including but not limited to patents and trademarks, owned, used or held for use by and/or on behalf of SeeQuestor, including without limitations, such rights as relate to SeeQuestor’s products.

The purchase price for the intellectual property rights consists of fixed consideration amounting to $6,000,000 and contingent payment through issuance of the Company’s shares of an amount equal to $3,000,000 which is conditional to certain financial performance through intellectual property rights from Agreement Date up to and including December 31, 2023. The contingent payment through issuance of the Company’s shares is a share-based payment and recognized in ‘capital surplus’. As the contingency was not met, no share payment would be made.

The Group has made payments of $600,000 and $2,400,000 on Agreement Date and Effective Time, respectively, and payment of a further $3,000,000 has not been paid as of December 31, 2023. See Note 41 for more details.

Note 2: Information relating to purchase of treasury shares by transferring intangible assets, as part of considerations, with Koh Sih-Ping, the former Director and CEO of the Company, is provided in Note 38.

Details of amortization on intangible assets are as follows:

	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Selling and marketing expenses	$	5,131	$	425,720	$	574,913
General and administrative expenses		152,925		22,914		23,144
Research and development expenses		567,975		1,238,984		1,762,952
	$	726,031	$	1,687,618	$	2,361,009