INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

6 Months Ended

Jun. 30, 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 acquired and developed software and 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 June 30, 2020:

				Acquired and
	Customer			Developed			Intellectual			Patents
	Relationships			Software			Property			Pending		Total
Useful Lives		10 Years			5 Years			10 Years			N/A
Carrying Value at December 31, 2019	$	970,019		$	3,651,924		$	862,792		$	108,877	$	5,593,612
Additions		-			252,875			-			4,925		257,800
Amortization		(79,358	)		(425,821	)		(74,192	)		-		(579,371	)
Carrying Value at June 30 ,2020	$	890,661		$	3,478,978		$	788,600		$	113,802	$	5,272,041

The following is a summary of intangible assets as of June 30, 2020:

				Acquired and
	Customer			Developed			Intellectual			Patents
	Relationships			Software			Property			Pending		Total
Cost	$	1,587,159		$	4,324,425		$	1,498,364		$	113,802	$	7,537,837
Accumulated amortization		(696,498	)		(845,446	)		(709,764	)		-		(2,265,796	)
Carrying Value at June 30, 2020	$	890,661		$	3,478,980		$	788,600		$	113,802	$	5,272,041

Amortization expense totaled $579,371 and $282,493 for the six months ended June 30, 2020 and 2019, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2020	$	604,658
2021		1,209,317
2022		1,115,983
2023		1,064,994
2024		841,492
Thereafter		435,597
	$	5,272,041