INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 3 – 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, 2016:

	Customer Relationships			Intellectual Property			Non- Compete
Useful Lives	10 Years			7 Years			5 Years			Total
Carrying Value at December 31, 2015	$	-		$	1,423,537		$	12,997		$	1,436,534
Additions		1,587,159			814,049			-			2,401,208
Amortization		(21,956	)		(71,406	)		(704	)		(94,066	)
Carrying Value at March 31, 2016	$	1,565,203		$	2,166,180		$	12,293		$	3,743,676

The following is a summary of intangible assets as of March 31, 2016:

	Customer Relationships			Intellectual Property			Non- Compete			Total
Cost	$	1,587,159		$	2,444,646		$	14,087		$	4,045,892
Accumulated amortization		(21,956	)		(278,466	)		(1,794	)		(302,216	)
Carrying Value at March 31, 2016	$	1,565,203		$	2,166,180		$	12,293		$	3,743,676

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
2016	$	374,326
2017		494,950
2018		494,950
2019		494,950
2020		494,950
2021		496,631
Thereafter		892,919
	$	3,743,676