Intangible Assets, Net

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 3 – INTANGIBLE ASSETS, NET

As of September 30, 2020, and December 31, 2019, the Company has the following amounts related to intangible assets:

	Software acquired		Other intangible assets		DATALogiq technology platform		Total
Cost at January 1, 2020	$	1,764,330	$	5,000	$	-	$	1,769,330
Additions	$	116,000	$	-	$	8,250,000	$	8,366,000
Cost at September 30, 2020	$	1,880,330	$	5,000	$	8,250,000	$	10,135,330
Amortization
Brought forward at January 1, 2020	$	1,155,732	$	2,000	$	-	$	1,157,732
Charge for the period	$	81,875	$	375	$	1,237,500		1,319,750
Accumulated depreciation at September 30, 2020	$	1,237,607	$	2,375	$	1,237,500	$	2,477,482
Net intangible assets at September 30, 2020	$	642,723	$	2,625	$	7,012,500	$	7,657,848
Net intangible assets at December 31, 2019	$	608,598	$	3,000	$	-	$	611,598

Amortization expenses related to intangible assets for the three months ended September 30, 2020 and 2019 amounted to $443,782 and $25,483, respectively. Amortization expenses related to intangible assets for the nine months ended September 30, 2020 and 2019 amounted to $1,319,750 and $76,450, respectively.

No significant residual value is estimated for these intangible assets.

The estimated future amortization expense of intangible costs as of September 30, 2020 in the following fiscal years is as follows:

Remaining of 2020	$	443,782
2021		1,775,132
2022		1,775,132
2023		1,775,132
2024		1,775,132
After 2024		113,538
	$	7,657,848