Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net [Abstract]

Intangible assets, net

Note 9 — Intangible assets, net

Intangible assets, net, consist of the following:

	As of December 31,
	2023			2022
Capitalized development costs (1)	$	11,416,518		$	10,478,966
Purchased software		395,446			407,067
Software from business combinations		36,101,237			-
Subtotal		47,913,201			10,886,033
Less: accumulated amortization		(10,614,005	)		(5,723,309	)
Impairment of capitalized development cost and software acquired		(2,266,746	)
Intangible assets, net	$	35,032,450		$	5,162,724

(1) The Company capitalized development costs related to its core supporting modules of the global trade applications and solutions incurred during the application development stage.

Amortization expense for the years ended December 31, 2023, 2022 and 2021 amounted to $5,004,968, $1,803,853 and $1,692,352, respectively.