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Intangible Assets
 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
INTANGIBLE ASSETS

NOTE 4 — INTANGIBLE ASSETS

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

 

September 30,
2019

  

December 31,
2018

Merchant Portfolios

  

$

2,190,000

 

  

$

2,190,000

 

Less Accumulated Amortization

  

 

(443,547

)

  

 

(208,571

)

Net residual portfolios

  

$

1,746,453

 

  

$

1,981,429

 
 

September 30,
2019

  

December 31,
2018

Trade name

  

$

2,500,000

 

  

$

2,500,000

 

Less Accumulated Amortization

  

 

(708,000

)

  

 

(333,333

)

Net trade name

  

$

1,792,000

 

  

$

2,166,667

 

Amortization expense for the three and nine months ended September 30, 2019 was $203,214 and $609,643, respectively.

Amortization expense for the three and nine months ended September 30, 2018 was $227,676 and $455,353, 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 (remainder of year)

  

$

203,214

2020

  

$

812,857

2021

  

$

812,857

2022

  

$

812,857

2023

  

$

479,524

Thereafter

  

$

417,144

Total

  

$

3,538,453

The weighted average remaining useful life of amortizing intangible assets was 5.25 years at September 30, 2019.

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.