NOTE 8 – INTANGIBLE ASSETS

At March 31, 2018 and December 31, 2017, intangible assets consisted of the following:

	Useful life	March 31, 2018			December 31, 2017
Land use rights	45 - 50 years	$	4,294,429		$	4,149,181
Patent use rights	10 years		2,544,772			2,458,701
Other intangible assets	3 – 5 years		1,441,319			92,249
Goodwill	-		52,990			-
			8,333,510			6,700,131
Less: accumulated amortization			(1,500,055	)		(1,305,835	)
		$	6,833,455		$	5,394,296

Amortization of intangible assets attributable to future periods is as follows:

Year ending March 31:	Amount
2019	$	641,242
2020		641,242
2021		641,242
2022		641,242
2023		641,242
Thereafter		3,574,255
	$	6,780,465

There is no private ownership of land in China. Land is owned by the government and the government grants land use rights for specified terms. The Company’s land use rights have terms of 45 and 50 years and expire on January 1, 2053 and October 30, 2053. The Company amortizes the land use rights over the term of the respective land use right.

In August 2016, the Company purchased a patent technology use right, value at RMB16,000,000, for a ten-year term from a third party. This patent covers ozone-ultrasonic textile dyeing equipment. The Company amortizes the exclusive patent use right over a term of ten years.

In January 2018, in connection the acquisition of 3D Discovery and AnyWorkspace, the Company acquired their technologies valued at $665,166 and $635,639 respectively. The technology of 3D Discovery covers a 3D virtual tour solution for the property industry. The technology of AnyWorkspace covers management software for an online, real-time marketplace that connects workspace providers with clients who need temporary office and meeting spaces. The Company amortizes these technologies over a term of five years.

For the three months ended March 31, 2018 and 2017, amortization of intangible assets amounted to $98,482 and $79,531, respectively.