Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 10 – INTANGIBLE ASSETS

As of June 30, 2019 and December 31, 2018, intangible assets consisted of the following:

	Useful life	June 30, 2019			December 31, 2018
Land use rights	45 - 50 years	$	3,932,823		$	3,925,789
Other intangible assets	3 – 5 years		843,102			845,180
Goodwill	-		27,353			27,421
			4,803,278			4,798,390
Less: accumulated amortization			(1,347,400	)		(1,235,877	)
		$	3,455,878		$	3,562,513

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

Year ending June 30:	Amount
2020	$	355,278
2021		310,832
2022		103,891
2023		103,891
2024		89,067
Thereafter		2,465,566
	$	3,428,525

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 January 2018, in connection with the  acquisition of 3D Discovery, the Company acquired their technologies valued at $754,159. The technology of 3D Discovery covers a 3D virtual tour solution for the property industry. The Company amortizes this technology over a term of five years.

For the three months ended June 30, 2019 and 2018, amortization of intangible assets amounted to $21,658 and $101,714, respectively.

For the six months ended June 30, 2019 and 2018, amortization of intangible assets amounted to $110,263 and $200,196, respectively.