Intangible Assets, Net (Other Than Goodwill)

3 Months Ended

Mar. 31, 2021

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, 2021:

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Patents			Total
Useful Lives	10 Years			5 Years			10 Years			N/A
Carrying Value at December 31, 2020	$	811,303		$	3,171,394		$	416,471		$	128,308		$	4,527,476
Additions		-			-			-			4,424			4,424
Amortization		(41,196	)		(233,220	)		(20,351	)		(3,328	)		(298,095	)
Carrying Value at March 31, 2021	$	770,107		$	2,938,174		$	396,120		$	129,404		$	4,233,805

The following is a summary of intangible assets as of March 31, 2021

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Patents			Total
Cost	$	1,587,159		$	4,476,271		$	828,580		$	136,022		$	7,028,032
Accumulated amortization		(817,052	)		(1,538,097	)		(432,460	)		(6,618	)		(2,794,227	)
Carrying Value at March 31, 2021	$	770,107		$	2,938,174		$	396,120		$	129,404		$	4,233,805

Amortization expense totaled $298,095 and $289,686 for the three months ended March 31, 2021 and 2020, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2021	$	1,162,977
2022		1,092,977
2023		1,007,995
2024		662,007
2025		246,454
Thereafter		61,395
	$	4,233,805