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Intangible Assets
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

Intangible assets, net, consist of the following as of:

 

   June 30,
2020		   December 31,
2019		 
Merchant Portfolios  $2,315,000   $2,190,000 
Less Accumulated Amortization   (1,011,190)   (854,761)
Net residual portfolios  $1,303,810   $1,335,239 

 

   June 30,
2020		   December 31,
2019		 
Trade name  $2,500,000   $2,500,000 
Less Accumulated Amortization   (750,000)   (500,000)
Net trade name  $1,750,000   $2,000,000 

 

Amortization expense for the three months ended June 30, 2020 and 2019 was $203,214 and $178,782, respectively.

 

Amortization expense for the six months ended June 30, 2020 and 2019 was $406,429 and $406,429, 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:

 

2020 (remainder of year)  $406,429 
2021  $812,857 
2022  $812,857 
2023  $479,524 
2024  $312,857 
Thereafter  $229,286 
Total  $3,053,810 

 

The weighted average remaining useful life of amortizing intangible assets was 3.58 years at June 30, 2020.