NOTE 10 – INTANGIBLE ASSETS, NET
Intangible assets, net, consisted of the following:
| | |
As of
December 31,
2024 | | |
As of
December 31,
2023 | |
| Concession right on forest land (i) | |
$ | 7,671,969 | | |
$ | - | |
| Software | |
| | | |
| 395 | |
| Total | |
| 7,671,969 | | |
| - | |
| Less: Accumulated amortization | |
| (17,202 | ) | |
| (263 | ) |
| Intangible assets, net | |
$ | 7,654,767 | | |
$ | 132 | |
| (i) | On December 3, 2024, the Company acquired a concession right on forest
land from a third party for consideration of $7,671,969. The concession right with a finite useful life of 37 years gives the Company
rights to operate in the designated forests in the PRC. |
Amortization expense was $17,190, $263 and nil for the years ended
December 31, 2024, 2023 and 2022, respectively.
Estimated future amortization expense is as follows:
| Twelve months ending December 31, | | |
Amortization
expense | |
| 2025 | | |
$ | 206,421 | |
| 2026 | | |
| 206,421 | |
| 2027 | | |
| 206,421 | |
| 2028 | | |
| 206,421 | |
| 2029 | | |
| 206,421 | |
| Thereafter | | |
| 6,622,662 | |
| Total | | |
$ | 7,654,767 | |
|