INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

3 Months Ended

Mar. 31, 2018

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, 2018:

	Customer Relationships			Intellectual Property			Non-Compete			Patents Pending
Useful Lives	10 Years			10 Years			10 Years			n/a		Total
Carrying Value at December 31, 2017	$	1,287,450		$	1,556,934		$	5,250		$	28,446	$	2,878,080
Additions		—			—			—			9,929		9,929
Amortization		(39,679	)		(53,026	)		(704	)		—		(93,409	)
Carrying Value at March 31, 2018	$	1,247,771		$	1,503,908		$	4,546		$	38,375	$	2,794,600

The following is a summary of intangible assets as of March 31, 2018:

	Customer Relationships			Intellectual Property			Non-Compete			Patent Pending		Total
Cost	$	1,587,159		$	2,146,561		$	14,087		$	38,375	$	3,786,192
Accumulated amortization		(339,388	)		(642,653	)		(9,541	)		—		(991,582	)
Carrying Value at March 31, 2018	$	1,247,771		$	1,503,908		$	4,546		$	38,375	$	2,794,600

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2018	$	280.229
2019		373,252
2020		366,313
2021		364,498
2022		355,008
Thereafter		1,055,300
	$	2,794,600