Intangible Asset
 3 Months Ended
Mar. 31, 2018
Intangible Asset [Abstract]  
INTANGIBLE ASSET
5.INTANGIBLE ASSET

 

Intangible assets consisted of the following as of March 31, 2018 and December 31, 2017:

 

   3/31/2018  12/31/2017 
        
 At Cost:      
 Patent $3,952,004  $3,952,052 
 Software  1,369   1,322 
   $3,953,373  $3,953,374 
          
 Less: Accumulated amortization  (1,369)  (1,322)
          
   $3,952,004  $3,952,052 

 

On July 7, 2017, SQEC and the director and CEO of the Company, Mr. Zuyue Xiang (“Xiang”), entered into an intangible asset transfer agreement, pursuant to which Xiang transferred his rights and ownership of the patent to a voice smart card and trading system for a consideration of RMB 10,000,000 (equivalent to USD 1,447,696) to SQEC.

 

Amortization expense for the three month periods ended March 31, 2018 and 2017 was $47 and $156, respectively.