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INTANGIBLE ASSETS NET
 12 Months Ended
Dec. 31, 2023
INTANGIBLE ASSETS NET  
INTANGIBLE ASSETS

9. INTANGIBLE ASSETS – NET

 

 

 

Licenses

 

 

Patents and copyrights

 

 

IRU - media cost

 

 

Softwares

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at January 01, 2022

 

$4,636,199

 

 

$29,848

 

 

$30,084,636

 

 

$63,133

 

 

$34,813,816

 

Additions during the year

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exchange adjustment

 

 

-

 

 

 

-

 

 

 

-7,377,881

 

 

 

-

 

 

 

-7,377,881

 

Balance as at December 31, 2022

 

$4,636,199

 

 

$29,848

 

 

$22,706,755

 

 

$63,133

 

 

$27,435,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as on January 01, 2023

 

$4,636,199

 

 

$29,848

 

 

$22,706,755

 

 

$63,133

 

 

$27,435,935

 

Additions during the year

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exchange adjustment

 

 

-

 

 

 

-

 

 

 

(4,474,961 )

 

 

 

 

 

 

(4,474,960 )

Balance as at December 31, 2023

 

$4,636,199

 

 

$29,848

 

 

$18,231,794

 

 

$63,133

 

 

$22,960,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATED AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as at January 01, 2022

 

$3,741,209

 

 

$29,848

 

 

$7,419,245

 

 

$63,133

 

 

$11,253,435

 

Accumulated amortization on retirement of assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amortization for the year

 

 

894,990

 

 

 

-

 

 

 

1,377,859

 

 

 

-

 

 

 

2,272,850

 

Exchange adjustment

 

 

 

 

 

 

 

 

 

 

-1,577,039

 

 

 

 

 

 

 

-1,577,039

 

Balance as at December 31, 2022

 

$4,636,199

 

 

$29,848

 

 

$7,220,066

 

 

$63,133

 

 

$11,949,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as on January 01, 2023

 

$4,636,199

 

 

$29,848

 

 

$7,220,066

 

 

$63,133

 

 

$11,949,246

 

Amortization for the year

 

 

-

 

 

 

-

 

 

 

989,569

 

 

 

-

 

 

 

989,569

 

Exchange adjustment

 

 

-

 

 

 

-

 

 

 

(1,540,958 )

 

 

-

 

 

 

(1,540,958 )

Balance as at December 31, 2023

 

$4,636,200

 

 

$29,848

 

 

$6,668,677

 

 

$63,133

 

 

$11,397,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value as at December 31, 2022

 

$-

 

 

$-

 

 

$15,486,689

 

 

$-

 

 

$15,486,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net book value as at December 31, 2023

 

$1

 

 

$-

 

 

$11,575,524

 

 

$-

 

 

$11,575,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annual amortization rate (%)

 

5 to 20

 

 

 

10

 

 

 

7

 

 

 

20

 

 

 

 

 

 

Useful life of intangible assets is ranging between 5 years to 20 years. Moreover, amortization expense on intangible assets of approximately $1.00 million and $2.3 million has been recognized during the year ended December 31, 2023 and 2022, respectively.

 

As of December 31, 2023, future amortization expenses scheduled to be expensed as follows:

 

Year ending December 31,

 

 

 

2024

 

$992,432

 

2025

 

 

992,432

 

2026

 

 

825,955

 

2027

 

 

808,001

 

2028

 

 

808,001

 

Thereafter

 

 

7,148,702

 

 

 

$11,575,525