INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

7.       INTANGIBLE ASSETS, NET

As of September 30, 2022 and December 31, 2021, intangible assets consisted of the following:

	Estimated Useful Life	As of September 30, 2022			As of December 31, 2021
At cost:
Licensed media content (1)	3 years	$	137,377		$	146,010
Trademarks and trade name	10 years		9,480			7,646
Intangible assets, at cost			146,857			153,656
Less: accumulated amortization			(46,614	)		(12,279	)
Intangible assets, net		$	100,243		$	141,377

⁽¹⁾ Amortization of licensed media content was primarily in “Cost of revenues” in the unaudited condensed consolidation statements of operations.

Amortization expense of intangible assets is included in the unaudited condensed consolidation statements of operations as follow:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of revenues	$	11,750	$	–	$	35,810	$	–
General and administrative expenses		238		–		713		–
Total amortization of intangible assets	$	11,988	$	–	$	36,523	$	–

The following table outlines the estimated aggregate amortization expense related to intangible assets held as of September 30, 2022, for each of the five succeeding fiscal years:

Year ending December 31,
2022 (excluding the nine months ended September 30, 2022)	$	11,685
2023		46,740
2024		35,293
2025		948
2026		948
Thereafter		4,629
Total	$	100,243