Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 8 — Property and equipment, net

Property and equipment, net, consist of the following:

	June 30, 2023			December 31, 2022
Computer equipment	$	379,909		$	380,055
Office equipment, fixtures and furniture		61,704,888			2,033,617
Capitalized development cost and software acquired		46,132,443			10,886,033
Automobiles		180,079			189,325
Buildings		4,484,933			4,715,189
Subtotal		112,882,252			18,204,219
Less: accumulated depreciation and amortization		(11,771,664	)		(7,207,577	)
Total	$	101,110,588		$	10,996,642

Depreciation and amortization expense for the six months ended June 30, 2023 and 2022 amounted to $2,648,715 and $195,444, respectively. The Company capitalized development costs related to its core supporting modules of the global trade applications and solutions incurred during the application development stage. The amortization expense for the six months ended June 30, 2023 and 2022 totaled $2,321,934 and $920,833, respectively. As of June 30, 2023, buildings with net book value amounted to $3,915,210 were pledged for obtaining various of loans (See Note 10). 

The estimated amortization of capitalized development cost is as follows:

Twelve months ending June 30,	Estimated amortization expense
2024	$	1,612,226
2025		1,254,872
2026		792,856
2027		386,103
2028		152,971
Thereafter		17,096
Total	$	4,216,124