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Intangible Assets
 12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Other assets consist of the following as of:

 

   December 31   December 31, 2017 
   2018   2017   Predecessor 
Merchant Portfolios  $2,190,000   $-   $2,540,690 
Less Accumulated Amortization   (208,571)   -    

(756,158

)
Net residual portfolios  $1,981,429   $-   $1,784,532 

 

   December 31   December 31, 2017 
   2018   2017   Predecessor 
Trade name  $2,500,000   $-   $      - 
Less Accumulated Amortization   (333,333)   -    - 
Net trade name  $2,166,667   $-   $- 

 

Amortization expense amounted to $541,904 for the year ended December 31, 2018. The predecessor’s amortization expense for the period from January 1, 2018 to April 8, 2018 and for the year ended December 31, 2017 was $90,739 and $362,956, respectively.

 

The Company’s merchant portfolios and tradename are being amortized over respective useful lives of 7 and 5 years.

 

The following sets forth the estimated amortization expense related to amortizing intangible assets for the years ended December 31:

 

2019  $812,857 
2020  $812,857 
2021  $812,857 
2022  $812,857 
2023  $479,524 
Thereafter  $417,144 

 

The weighted average remaining useful life of amortizing intangible assets was 6 years at December 31, 2018.