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Intangible Assets, Net (Other than Goodwill) | 3 Months Ended
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Mar. 31, 2022
Intangible Assets, Net (Other than Goodwill) [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 three months ended March 31, 2022:
|  | Customer Relationships |  |  | Acquired and Developed Software |  |  | Patents |  |  | Total |
Useful Lives |  | 10 Years |  |  | 5 Years |  |  | 10 years |  |  |  |
Carrying Value at December 31, 2021 |  | $ | 153,001 |  |  | $ | 2,238,882 |  |  | $ | 140,570 |  |  | $ | 2,532,453 |
Additions |  |  | - |  |  |  | - |  |  |  | 450 |  |  |  | 450 |
Impairment of assets |  |  | (143,703 | ) |  |  | - |  |  |  | - |  |  |  | (143,703 | )
Amortization |  |  | (9,298 | ) |  |  | (209,814 | ) |  |  | (3,969 | ) |  |  | (223,081 | )
Carrying Value at March 31, 2022 |  | $ | - |  |  | $ | 2,029,068 |  |  | $ | 137,051 |  |  | $ | 2,166,119 |
The following is a summary of intangible assets as of March 31, 2022:
|  | Customer Relationships |  |  | Acquired and Developed Software |  |  | Patents |  |  | Total |
Cost |  | $ | 372,130 |  |  | $ | 4,476,271 |  |  | $ | 158,753 |  |  | $ | 5,007,154 |
Accumulated amortization |  |  | (372,130 | ) |  |  | (2,447,203 | ) |  |  | (21,702 | ) |  |  | (2,841,035 | )
Carrying Value at March 31, 2022 |  | $ | - |  |  | $ | 2,029,068 |  |  | $ | 137,051 |  |  | $ | 2,166,119 |
Amortization expense totaled $223,081 and $298,095 for the three months ended March 31, 2022, and 2021, respectively. Future expected amortization of intangible assets is as follows:
Fiscal Year Ending December 31, |  |  |  |
Remainder of 2022 |  |  | $ | 712,608 |
2023 |  |  |  | 792,810 |
2024 |  |  |  | 527,965 |
2025 |  |  |  | 56,468 |
2026 |  |  |  | 15,875 |
2027 |  |  |  | 15,875 |
Thereafter |  |  |  | 44,518 |
|  |  | $ | 2,166,119 |

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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