INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

7.       INTANGIBLE ASSETS

As of June 30, 2023 and December 31, 2022, intangible assets consisted of the following:

	Estimated useful life	June 30, 2023			December 31, 2022
At cost:
Licensed media content	3 years	$	145,611		$	146,958
Trademarks and trade name	10 years		3,101			9,544
			148,712			156,502
Less: accumulated amortization			(85,456	)		(62,297	)
Intangible assets, net		$	63,256		$	94,205

In October 2021, under the Sale and Purchase Agreement with Phoenix Waters Productions (HK) Limited, the Company was granted with an exclusive perpetual worldwide license to mint or produce token products for the distribution of 12-episode series of the video film at a fixed fee. This agreement allowed the Company to sell the corresponding media content by monetizing as non-interchangeable unit of data stored on a blockchain, a form of digital ledger that can be sold on its online platform. The management assessed the commercial life of this licensed media content and determined the estimated life of 3 years.

As of June 30, 2023, the estimated amortization expense for intangible assets for each of the succeeding five years and thereafter is as follows: 

Twelve months ending June 30:	Amount
2024	$	48,848
2025		12,444
2026		310
2027		310
2028		310
Thereafter		1,034
Total	$	63,256

Amortization of intangible assets was $24,992 and $12,155 for the six months ended June 30, 2023 and 2022, respectively.