Property, equipment and intangible assets, net, consisted of the following:


	As of December 31,
	2024			2025
	US$			US$
Electronic Equipment		9,381,922			12,616,774
Office Equipment		858,548			958,101
Leasehold improvement		1,194,817			1,593,608
Software		1,721,485			1,789,908
Less: accumulated depreciation		(8,976,373	)		(11,195,376	)
Property and equipment, net		4,180,399			5,763,015
Licenses		10,004,563			8,457,801
Trademark		111,995			116,899
Trading right		128,259			127,961
Others		1,016,091			—
Less: accumulated amortization		(82,779	)		(101,651	)
Intangible assets, net		11,178,129			8,601,010
Total		15,358,528			14,364,025

Depreciation expenses for the years ended December 31, 2023, 2024 and 2025 were US$2,823,534, US$2,609,682 and US$2,879,468, respectively.

Amortization expenses for the years ended December 31, 2023, 2024 and 2025 were US$15,018, US$14,608 and US$15,248, respectively.

The estimated amortization expenses for the above intangible assets for future years are as follows: