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Intangible Assets, net
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net

7. Intangible Assets, net

 

Intangible assets, stated at cost less accumulated amortization, consisted of the following as of December 31:

 

   2022   2023   2023 
   HK$   HK$   US$ 
Software   223,381    223,381    28,599 
Internally developed software   58,540,105    62,688,252    8,025,740 
Less: accumulated amortization   (45,198,714)   (47,575,044)   (6,090,853)
Total   13,564,772    15,336,589    1,963,486 

 

Amortization expense of intangible assets totaled HK$5,996,618, HK$6,160,391 and HK$5,514,165 (US$705,958) for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment charge was recognized for any of the periods presented.

 

Amortization expense expected for the next five years is as follows:

 

Twelve months ending December 31,  HK$   US$ 
2024   4,681,992    599,418 
2025   4,281,008    548,081 
2026   3,654,149    467,827 
2027   1,787,568    228,856 
2028   931,872    119,304 
Total   15,336,589    1,963,486 

 

 

mF International Limited and Subsidiaries

Notes to Consolidated Financial Statements