INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

12 Months Ended

Dec. 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 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, 2020 and 2019:

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Non-Compete			Patents			Total
Useful Lives		10 Years			5 Years			10 Years			10 Years
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 of assets		-			-			(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
Additions		-			404,720			-			-			22,721			427,441
Amortization		(158,716	)		(885,250	)		(148,384	)					(3,290	)		(1,195,640	)
Impairment of assets		-			-			(297,937	)		-			-			(297,937	)
Carrying Value at December 31, 2020	$	811,303		$	3,171,394		$	416,471		$	-		$	128,308		$	4,527,476

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

	Customer  Relationships			Acquired and Developed Software			Intellectual  Property			Non-Compete			Patents			Total
Cost	$	1,587,159		$	4,476,271		$	828,580		$	14,087		$	131,598		$	7,037,695
Accumulated amortization		(775,856	)		(1,304,877	)		(412,109	)		(14,087	)		(3,290	)		(2,510,219	)
Carrying Value at December 31, 2020	$	811,303		$	3,171,394		$	416,471		$	-		$	128,308		$	4,527,476

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

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Non-Compete			Patents		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:

2021	$	1,185,868
2022		1,092,535
2023		1,041,546
2024		817,959
2025		327,063
Thereafter		62,505
	$	4,527,476