Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

At December 31, 2019 and 2018, intangible assets consisted of the following:

	Useful life	December 31, 2019			December 31, 2018
Land use rights	45 – 50 years	$	-		$	3,925,789
Other intangible assets	3 - 5 years		843,817			845,180
Redemption code	5 years		750,000			-
Goodwill	Infinite		27,353			27,421
			1,621,170			4,798,390
Less: accumulated amortization and impairment loss			(512,763	)		(1,235,877	)
Intangible assets, net			1,108,407			3,562,513
Less: Intangible assets, net – discontinued operations			-			(2,933,874	)
Intangible assets, net – continuing operations		$	1,108,407		$	628,639

On December 14, 2019, the Company acquired certain redemption codes in exchange for 2,757,353 shares of its common stock at the current fair value of $750,000 for its e-commerce payment purpose.

Amortization expense from continuing operations for the years ended December 31, 2019 and 2018 amounted to $270,894 and $440,020, respectively. Amortization expense from discontinued operations for the years ended December 31, 2019 and 2018 amounted to $84,219 and $267,370, respectively. At December 31, 2019, the Company recognized a full impairment charge to property and equipment of discontinued operations.

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

Year ending December 31:	Amount
2020	$	419,317
2021		186,332
2022		167,932
2023		157,473
2024		150,000
Thereafter		-
	$	1,081,054