Intangible Assets, Net (Other Than Goodwill)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 5 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

The Company’s intangible assets consist primarily 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 six months ended June 30, 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		-			-			-			10,829			10,829
Amortization		(82,963	)		(466,294	)		(40,667	)		(6,834	)		(596,758	)
Carrying Value at June 30, 2021	$	728,340		$	2,705,100		$	375,804		$	132,303		$	3,941,547

The following is a summary of intangible assets as of June 30, 2021

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Patents			Total
Cost	$	1,587,159		$	4,476,273		$	828,580		$	142,424		$	7,034,436
Accumulated amortization		(858,819	)		(1,771,173	)		(452,776	)		(10,121	)		(3,092,889	)
Carrying Value at June 30, 2021	$	728,340		$	2,705,100		$	375,804		$	132,303		$	3,941,547

Amortization expense totaled $596,758 and $579,371 for the six months ended June 30, 2021 and 2020, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2021	$	593,476
2022		1,093,618
2023		1,042,629
2024		818,316
2025		301,699
Thereafter		91,809
	$	3,941,547