INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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		—			—			—			22,302		22,302
Amortization		(79,358	)		(108,182	)		(1,409	)		—		(188,949	)
Carrying Value at June 30, 2018	$	1,208,092		$	1,448,752		$	3,841		$	50,748	$	2,711,129

The following is a summary of intangible assets as of June 30, 2018:

	Customer Relationships			Intellectual Property			Non-Compete			Patent Pending		Total
Cost	$	1,587,159		$	2,146,561		$	14,087		$	50,444	$	3,798,251
Accumulated amortization		(379,067	)		(697,809	)		(10,246	)		—		(1,087,122	)
Carrying Value at June 30, 2018	$	1,208,092		$	1,448,752		$	3,841		$	50,444	$	2,711,129

Future expected amortization of intangible assets is as follows: 

Fiscal Year Ending December 31,
Remainder of 2018	$	188,949
2019		377,512
2020		370,573
2021		368,758
2022		359,268
Thereafter		1,046,069
	$	2,711,129