INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 4 – INTANGIBLES ASSETS, NET (OTHER THAN GOODWILL)

The Company’s intangible assets consist of intellectual property acquired from MultiPay and FIN and are amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the nine months ended September 30, 2019:

				Acquired and
	Customer			Developed			Intellectual						Patents
	Relationships			Software			Property			Non-Compete			Pending		Total
Useful Lives		10 Years			5 Years			10 Years			10 Years			N/A
Carrying Value at December 31, 2018	$	1,128,734		$	908,893		$	1,191,942		$	2,433		$	78,182	$	3,310,184
Additions		—			2,021,810			—			—			24,107		2,045,917
Amortization		(119,036	)		(210,219	)		(130,896	)		(2,113	)		—		(462,265	)
Carrying Value at September 30, 2019	$	1,009,698		$	2,720,484		$	1,061,046		$	320		$	102,289	$	4,893,837

The following is a summary of intangible assets as of September 30, 2019:

				Acquired and
	Customer			Developed			Intellectual						Patents
	Relationships			Software			Property			Non-Compete			Pending		Total
Cost	$	1,587,159		$	2,981,692		$	1,759,809		$	14,087		$	102,290	$	6,445,037
Accumulated amortization		(577,462	)		(261,208	)		(698,763	)		(13,767	)		—		(1,551,200	)
Carrying Value at September 30, 2019	$	1,009,697		$	2,720,484		$	1,061,046		$	320		$	102,290	$	4,893,837

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2019	$	242,049
2020		966,916
2021		966,916
2022		873,582
2023		822,593
Thereafter		1,021,781
	$	4,893,837