v3.25.1
INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 7 – INTANGIBLE ASSETS, NET

 

Intangible assets, net consists of the following:

 

 

   As of December 31, 
Software platform  2024   2023 
Cost:      

Balance at beginning of year

  $

101,817

   $

101,817

 
Additions   

905,607

    

—

 
Foreign currency translation   

4,741

    

—

 
Balance at end of year   

1,012,165

    

101,817

 
           
Accumulated amortization:          
Balance at beginning of year   

(64,484

)   

(44,249

)
Charge for the year 

(20,381

)  (20,317)
Foreign currency translation   

(448

)   

82

 
Balance at end of year   

(85,313

)   

(64,484

)
           
Net carrying value  $

926,852

   $

37,333

 

 

On December 23, 2024, VSHK purchased CRUUSH platform from an independent third party in a share-based consideration of 900,000 shares of Class A Ordinary Shares of the Company at the current market price of $1 per share.

 

CRUUSH is a blockchain enabled social eCommerce platform which enables creators to promote and post their products or services to the social media to drive their fans to purchase and receive rewards.

 

Amortization expense for the years ended December 31, 2024 and 2023 was $20,381 and $20,317, respectively. The annual estimated amortization expense for intangible assets subject to amortization for the succeeding five years is as follows:

 

   December 31, 
2025  $199,020 
2026   181,958 
2027   181,958 
2028   181,958 
2029   181,958 
Total  $926,852