Intangible assets, net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net

10. Intangible assets, net

The Company’s intangible assets with definite useful lives primarily consist of patents and licensed software. The following table summarizes the components of acquired intangible asset balances as of:

	December 31,			December 31,
	2021			2020
Patents	$	1,378,836		$	1,347,307
Licensed software		28,270,157			5,610,459
Software development costs		129,051			9,412,638
Less: accumulated amortization		(8,229,006	)		(2,117,829	)
Less: impairment		(14,632,931	)		—
Intangible assets, net	$	6,916,107		$	14,252,575

Amortization expenses for the years ended December 31, 2021, 2020 and 2019 amounted to $3,451,000, $740,641 and $821,203, respectively. The Company assessed some of the licensed software is unlikely to generate cash flow, as of year ended December 2021, it recorded $14,632,931 impairment loss.

The estimated amortization is as follows:

For the year ended December 31		Estimated amortization expense
	2022	$	1,371,468
	2023		1,371,468
	2024		1,371,468
	2025		1,371,468
	2026		1,371,468
	Thereafter		58,767
	Total	$	6,916,107