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Intangible Assets, Net (Other than Goodwill) | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL) | NOTE 3 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL) The Company’s intangible assets consist of intellectual property acquired from Multi-Pay and FIN in addition to internally developed software that have been placed into service. They are amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the years ended December 31, 2021 and 2020:
|  | Customer Relationships |  |  | Acquired and Developed Software |  |  | Intellectual Property |  |  | Patents |  |  | Total |
Useful Lives |  |  | 10 Years |  |  |  | 5 Years |  |  |  | 10 Years |  |  |  | 10 Years |  |  |  |  |
Carrying Value at December 31, 2019 |  | $ | 970,019 |  |  | $ | 3,651,924 |  |  | $ | 862,792 |  |  | $ | 108,877 |  |  | $ | 5,593,612 |
Additions |  |  | - |  |  |  | 404,720 |  |  |  | - |  |  |  | 22,721 |  |  |  | 427,441 |
Impairment of assets |  |  | - |  |  |  | - |  |  |  | (297,937 | ) |  |  | - |  |  |  | (297,937 | )
Amortization |  |  | (158,716 | ) |  |  | (885,250 | ) |  |  | (148,384 | ) |  |  | (3,290 | ) |  |  | (1,195,640 | )
Carrying Value at December 31, 2020 |  |  | 811,303 |  |  |  | 3,171,394 |  |  |  | 416,471 |  |  |  | 128,308 |  |  |  | 4,527,476 |
Additions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26,705 |  |  |  | 26,705 |
Impairment of assets |  |  | (495,976 | ) |  |  | - |  |  |  | (335,101 | ) |  |  | - |  |  |  | (831,077 | )
Amortization |  |  | (162,326 | ) |  |  | (932,512 | ) |  |  | (81,370 | ) |  |  | (14,443 | ) |  |  | (1,190,651 | )
Carrying Value at December 31, 2021 |  | $ | 153,001 |  |  | $ | 2,238,882 |  |  | $ | - |  |  | $ | 140,570 |  |  | $ | 2,532,453 |
The following is a summary of intangible assets as of December 31, 2021:
|  | Customer Relationships |  |  | Acquired and Developed Software |  |  | Intellectual Property |  |  | Patents |  |  | Total |
Cost |  | $ | 372,130 |  |  | $ | 4,476,271 |  |  | $ | - |  |  | $ | 158,303 |  |  | $ | 5,006,704 |
Accumulated amortization |  |  | (219,129 | ) |  |  | (2,237,389 | ) |  |  | - |  |  |  | (17,733 | ) |  |  | (2,474,251 | )
Carrying Value at December 31, 2021 |  | $ | 153,001 |  |  | $ | 2,238,882 |  |  | $ | - |  |  | $ | 140,570 |  |  | $ | 2,532,453 |
The following is a summary of intangible assets as of December 31, 2020:
|  | Customer Relationships |  |  | Acquired and Developed Software |  |  | Intellectual Property |  |  | Patents |  |  | Total |
Cost |  | $ | 1,587,159 |  |  | $ | 4,476,271 |  |  | $ | 828,580 |  |  | $ | 131,598 |  |  | $ | 7,023,608 |
Accumulated amortization |  |  | (775,856 | ) |  |  | (1,304,877 | ) |  |  | (412,109 | ) |  |  | (3,290 | ) |  |  | (2,496,132 | )
Carrying Value at December 31, 2020 |  | $ | 811,303 |  |  | $ | 3,171,394 |  |  | $ | 416,471 |  |  | $ | 128,308 |  |  | $ | 4,527,476 |
The following is the future amortization of intangible assets for the year ended December 31:
2022 |  | $ | 892,298 |
2023 |  |  | 841,309 |
2024 |  |  | 616,996 |
2025 |  |  | 100,378 |
2026 |  |  | 19,985 |
Thereafter |  |  | 61,487 |
|  | $ | 2,532,453 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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