INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

3 Months Ended

Mar. 31, 2020

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 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 three months ended March 31, 2020:

				Acquired and
	Customer			Developed			Intellectual			Non-		Patents
	Relationships			Software			Property			Compete		Pending		Total
Useful Lives		10 Years			5 Years			10 Years			10 Years		N/A
Carrying Value at December 31, 2019	$	970,019		$	3,651,924		$	862,792		$	-	$	108,877	$	5,593,612
Additions		-			-			-			-		4,925		4,925
Amortization		(39,679	)		(212,911	)		(37,096	)		-		-		(289,686	)
Carrying Value at March 31, 2020	$	930,340		$	3,439,013		$	825,696		$	-	$	113,802	$	5,308,851

The following is a summary of intangible assets as of March 31, 2020:

				Acquired and
	Customer			Developed			Intellectual			Non-			Patents
	Relationships			Software			Property			Compete			Pending		Total
Cost	$	1,587,159		$	4,071,550		$	1,498,363		$	14,087		$	113,802	$	7,284,960
Accumulated amortization		(656,819	)		(632,537	)		(672,667	)		(14,087	)		-		(1,976,110	)
Carrying Value at March 31, 2020	$	930,340		$	3,439,013		$	825,696		$	-		$	113,802	$	5,308,851

Amortization expense totaled $289,686 and $141,047 for the three months ended March 31, 2020 and 2019, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2020	$	869,057
2021		1,158,743
2022		1,065,409
2023		1,014,420
2024		790,106
Thereafter		411,116
	$	5,308,851