| Schedule of Total Consideration Transferred |
The following table summarizes the total consideration transferred for the asset acquisitions: | Cash | | $ | 5,000,000 | | | Fair value of 178,125 Class A ordinary shares, issued for acquisition | | | 5,700,000 | | | Transaction costs(1) | | | 50,000 | | | Total consideration | | $ | 10,750,000 | | | (1) | The transaction costs represent the valuation fee paid for this assets acquisition, which is directly attributable to the acquisition and therefore is capitalized as part of the acquisition cost in accordance with ASC 805-50-30-3. |
|
| Schedule of Assets and Liabilities Acquired |
The following table summarizes the acquisition date fair value, percentage, allocated costs and allocated carrying amount of the assets and liabilities acquired: | | | Fair value | | | Percentage of
identifiable
non-monetary
assets
acquired | | | Allocated costs | | | Allocated
carrying
amount | | | Cash | | $ | 1,872 | | | | - | | | $ | - | | | $ | 1,872 | | | Prepayments | | | 110 | | | | 0.002 | % | | | 115 | | | | 225 | | | Contractual right to acquire copyrights and patents | | | 3,923,425 | | | | 62.221 | % | | | 3,573,828 | | | | 7,497,253 | | | Contractual right to acquire trademarks | | | 2,382,083 | | | | 37.777 | % | | | 2,169,822 | | | | 4,551,905 | | | Accounts payables | | | (1,290,640 | ) | | | - | | | | - | | | | (1,290,640 | ) | | Accruals | | | (10,615 | ) | | | - | | | | - | | | | (10,615 | ) | | Total | | $ | 5,006,235 | | | | 100.000 | % | | $ | 5,743,765 | | | $ | 10,750,000 | |
|