INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

12 Months Ended

Dec. 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 Multi-Pay 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 years ended December 31, 2016 and 2015:

	Customer Relationships			Intellectual Property			Non-Compete			Patents
Useful Lives	10 Years			10 Years			5 Years			Pending		Total
Carrying Value at December 31, 2014	$	—		$	421,774		$	—		$	—	$	421,774
Additions		—			1,127,654			14,087			—		1,141,741
Amortization		—			(125,924	)		(1,057	)		—		(126,981	)
Carrying Value at December 31, 2015		—			1,423,504			13,030			—		1,436,534
Additions		1,587,159			814,049			—			19,200		2,420,408
Amortization		(140,993	)		(236,695	)		(4,963	)		—		(382,651	)
Carrying Value at December 31, 2016	$	1,446,166		$	2,000,858		$	8,067		$	19,200	$	3,474,291

The following is a summary of intangible assets as of December 31, 2015:

	Intellectual Property			Non-Compete			Total
Cost	$	1,630,597		$	14,087		$	1,644,684
Accumulated amortization		(204,947	)		(3,203	)		(208,150	)
Carrying Value at December 31, 2015	$	1,425,650		$	10,884		$	1,436,534

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

	Customer Relationships			Intellectual Property			Non-Compete			Patent Pending		Total
Cost	$	1,587,159		$	2,444,646		$	14,087		$	19,200	$	4,065,092
Accumulated amortization		(140,993	)		(443,788	)		(6,020	)		—		(590,801	)
Carrying Value at December 31, 2016	$	1,446,166		$	2,000,858		$	8,067		$	19,200	$	3,474,291

Future expected amortization of intangible assets is as follows:

Year Ending December 31,
2017	$	407,706
2018		407,706
2019		407,706
2020		407,706
2021		406,793
Thereafter		1,436,674
	$	3,474,291