Intangible Assets, Net (Other than Goodwill)

3 Months Ended

Mar. 31, 2022

Intangible Assets, Net (Other than Goodwill) [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, 2022:

	Customer Relationships			Acquired and Developed Software			Patents			Total
Useful Lives	10 Years			5 Years			10 years
Carrying Value at December 31, 2021	$	153,001		$	2,238,882		$	140,570		$	2,532,453
Additions		-			-			450			450
Impairment of assets		(143,703	)		-			-			(143,703	)
Amortization		(9,298	)		(209,814	)		(3,969	)		(223,081	)
Carrying Value at March 31, 2022	$	-		$	2,029,068		$	137,051		$	2,166,119

The following is a summary of intangible assets as of March 31, 2022:

	Customer Relationships			Acquired and Developed Software			Patents			Total
Cost	$	372,130		$	4,476,271		$	158,753		$	5,007,154
Accumulated amortization		(372,130	)		(2,447,203	)		(21,702	)		(2,841,035	)
Carrying Value at March 31, 2022	$	-		$	2,029,068		$	137,051		$	2,166,119

Amortization expense totaled $223,081 and $298,095 for the three months ended March 31, 2022, and 2021, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2022	$	712,608
2023		792,810
2024		527,965
2025		56,468
2026		15,875
2027		15,875
Thereafter		44,518
	$	2,166,119