INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

9 Months Ended

Sep. 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 nine months ended September 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		-			327,020			-			6,228		333,248
Amortization		(119,037	)		(653,007	)		(111,288	)		-		(883,332	)
Carrying Value at September 30, 2020	$	850,982		$	3,325,937		$	751,504		$	115,105	$	5,043,529

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

				Acquired and
	Customer			Developed			Intellectual			Patents
	Relationships			Software			Property			Pending		Total
Cost	$	1,587,159		$	4,398,573		$	1,498,363		$	115,105	$	7,613,287
Accumulated amortization		(736,177	)		(1,072,632	)		(746,862	)		-		(2,569,759	)
Carrying Value at September 30, 2020	$	850,982		$	3,325,941		$	751,501		$	115,105	$	5,043,529

Amortization expense totaled approximately $883,000 and $462,000 for the nine months ended September 30, 2020 and 2019, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2020	$	306,037
2021		1,224,146
2022		1,130,814
2023		1,079,825
2024		856,323
Thereafter		446,384
	$	5,043,529