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Goodwill and Intangible Assets, Net | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets, Net [Abstract] |
Goodwill and Intangible Assets, Net | Note 6 - Goodwill and Intangible Assets, Net Goodwill as of June 30, 2024 was $10,930,978, which resulted from the Credova Merger (See Note 5) and is included in the Financial Technology segment. The following table summarizes intangible assets, net:
|  | Useful Life |  | June 30, 2024 |  |  | December 31, 2023 |
Capitalized software development costs |  | 1-5 years |  | $ | 6,710,616 |  |  | $ | 5,011,519 |
Trademark and tradenames |  | 5 years |  |  | 1,700,000 |  |  |  | - |
Internally developed software |  | 3 years |  |  | 3,600,000 |  |  |  | - |
Merchant relationships |  | 5 years |  |  | 5,900,000 |  |  |  | - |
State operating licenses |  | Indefinite |  |  | 520,000 |  |  |  | - |
Purchased technology |  | 1-15 years |  |  | 247,489 |  |  |  | 247,489 |
Brand name |  | 10 years |  |  | 1,377,461 |  |  |  | 1,377,461 |
Total intangible assets |  |  |  |  | 20,055,566 |  |  |  | 6,636,469 |
Less: Accumulated amortization |  |  |  |  | (4,196,623 | ) |  |  | (3,079,440 | )
Total intangible assets, net |  |  |  | $ | 15,858,943 |  |  | $ | 3,557,029 |
Amortization expenses were approximately $902,000 and $697,000 for the three months ended June 30, 2024 and 2023, respectively, and $1,189,000 and $1,242,000 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, estimated future amortization expense is expected as follows:
Remainder of 2024 |  | $ | 1,821,195 |
2025 |  |  | 3,674,497 |
2026 |  |  | 3,674,497 |
2027 |  |  | 2,702,859 |
2028 |  |  | 2,443,255 |
Thereafter |  |  | 1,542,640 |
|  | $ | 15,858,943 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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