INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

9 Months Ended

Sep. 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 nine months ended September 30, 2018:

	Customer Relationships			Internally Developed Software			Intellectual Property			Non-Compete			Patents Pending		Total
Useful Lives		10 Years			5 Years			10 Years			10 Years			N/A
Carrying Value at December 31, 2017	$	1,287,450		$	—		$	1,556,934		$	5,250		$	28,446	$	2,878,080
Additions		—			679,882			—			—			30,966		710,848
Amortization		(119,037	)		(16,995	)		(162,274	)		(2,113	)				(300,419	)
Carrying Value at September 30, 2018	$	1,168,413		$	662,887		$	1,394,660		$	3,137		$	59,412	$	3,288,509

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

	Customer Relationships			Internally Developed Software			Intellectual Property			Non-Compete			Patents Pending		Total
Cost	$	1,587,159		$	679,882		$	2,146,561		$	14,087		$	59,412	$	4,487,101
Accumulated amortization		(418,746	)		(16,995	)		(751,901	)		(10,950	)		—		(1,198,592	)
Carrying Value at September 30, 2018		1,168,413		$	662,887		$	1,394,660		$	3,137		$	59,412	$	3,288,509

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2018	$	129,280
2019		513,489
2020		506,549
2021		504,735
2022		494,433
Thereafter		1,140,024
	$	3,288,509