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Intangibles | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangibles | Note 4 – Intangibles Intangibles consisted of the following: Schedule of Intangible Assets
|  |  |  |  |  |  |  | Estimated Useful
Type |  | September 30, 2022 |  |  | December 31, 2021 |  |  | Lives (Years)
Proprietary Software |  | $ | 4,286,402 |  |  | $ | 4,286,402 |  |  | 7
Tradenames/trademarks |  |  | 617,474 |  |  |  | 617,474 |  |  | 15
ECS membership agreement |  |  | 465,000 |  |  |  | 465,000 |  |  | 1
Noncompetition agreement |  |  | 201,389 |  |  |  | 201,389 |  |  | 2
Customer Relationships |  |  | 183,255 |  |  |  | 183,255 |  |  | 5
|  |  | 5,753,520 |  |  |  | 5,753,520 |  |  |
Less: accumulated amortization |  |  | (2,810,167 | ) |  |  | (2,320,036 | ) |  |
Intangibles - net |  | $ | 2,943,353 |  |  | $ | 3,433,484 |  |  |
ECS has been a financial technology and wireless top-up platform for over 15 years. On October 1, 2019, we acquired ECS primarily for the favorable ACH banking relationships and a fintech transactions platform (proprietary software) processing over 20,000 transactions a day at approximately 8,000 independently owned retail stores. The platform serves as a proven backbone for wireless top-up transactions and wireless product aggregation. The majority of the purchase price was allocated to the “Proprietary Software” category being amortized on a straight-line basis over seven years. Amortization expense for the three months ended September 30, 2022 and 2021 was $163,377 and $163,377, respectively. Amortization expense for the nine months ended September 30, 2022 and 2021 was $490,131 and $528,881, respectively. SURGEPAYS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2022 (UNAUDITED) Estimated amortization expense for each of the five (5) succeeding years is as follows: Schedule of Estimated Amortization Expenses
For the Year Ended December 31, 2022: |  |  |
2022 (3 months) |  | $ | 163,377 |
2023 |  |  | 653,508 |
2024 |  |  | 653,508 |
2025 |  |  | 653,508 |
2026 |  |  | 653,508 |
2027 |  |  | 165,944 |
Total |  | $ | 2,943,353 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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