INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

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

The Company's intangible assets consist of intellectual property acquired from Multi-Pay and FIN in addition to internally developed software that have been placed into service. They are amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the years ended December 31, 2019 and 2018:

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Non-Compete			Patents Pending		Total
Useful Lives		10 Years			5 Years			10 Years			10 Years			N/A
Carrying Value at December 31, 2017	$	1,287,450		$	—		$	1,556,934		$	5,250		$	28,446		2,878,080
Additions		—			959,882			—			—			49,736		1,009,618
Write off of assets		—			—			(148,627	)		—			—		(148,627	)
Amortization		(158,716	)		(50,989	)		(216,365	)		(2,817	)		—		(428,887	)
Carrying Value at December 31, 2018		1,128,734			908,893			1,191,942			2,433			78,182		3,310,184
Additions		—			3,111,668			—			—			30,695		3,142,363
Impairment loss		—			—			(154,622	)		—			—		(154,622	)
Amortization		(158,715	)		(368,637	)		(174,528	)		(2,433	)		—		(704,313	)
Carrying Value at December 31, 2019	$	970,019		$	3,651,924		$	862,792		$	-		$	108,877	$	5,593,612

The following is a summary of intangible assets as of December 31, 2018:

	Customer   Relationships			Acquired and Developed Software			Intellectual  Property			Non-Compete			Patents   Pending		Total
Cost	$	1,587,159		$	959,882		$	1,759,809		$	14,087		$	78,182	$	4,399,119
Accumulated amortization		(458,425	)		(50,989	)		(567,867	)		(11,654	)		—		(1,088,935	)
Carrying Value at December 31, 2018	$	1,128,734		$	908,893		$	1,191,942		$	2,433		$	78,182	$	3,310,184

The following is a summary of intangible assets as of December 31, 2019:

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Non-Compete			Patents Pending		Total
Cost	$	1,587,159		$	4,071,550		$	1,498,363		$	14,087		$	108,877	$	7,280,036
Accumulated amortization		(617,140	)		(419,626	)		(635,571	)		(14,087	)		—		(1,686,424	)
Carrying Value at December 31, 2019	$	970,019		$	3,651,924		$	862,792		$	—		$	108,877	$	5,593,612

The following is the future amortization of intangible assets for the year ended December 31: 

2020	$	1,158,743
2021		1,158,743
2022		1,119,319
2023		1,014,421
2024		790,106
Thereafter		352,280
	$	5,593,612