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Goodwill and Intangible Assets, Net
 6 Months Ended
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