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Intangible Assets
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

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

 

March 31,
2020

  

December 31,
2019

Merchant Portfolios

  

$

2,190,000

 

  

$

2,190,000

 

Less Accumulated Amortization

  

 

(932,976

)

  

 

(854,761

)

Net residual portfolios

  

$

1,257,024

 

  

$

1,335,239

 
 

March 31,
2020

  

December 31,
2019

Trade name

  

$

2,500,000

 

  

$

2,500,000

 

Less Accumulated Amortization

  

 

(625,000

)

  

 

(500,000

)

Net trade name

  

$

1,875,000

 

  

$

2,000,000

 

Amortization expense for the three months ended March 31, 2020 and 2019 was $203,214 and $227,647, 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)

  

$

609,643

2021

  

$

812,857

2022

  

$

812,857

2023

  

$

479,524

2024

  

$

312,857

Thereafter

  

$

104,287

Total

  

$

3,132,025

The weighted average remaining useful life of amortizing intangible assets was 4.75 years at March 31, 2020.

NOTE 5 — INTANGIBLE ASSETS

 

Other assets consist of the following as of:

   December 31 
   2019   2018 
Merchant Portfolios  $2,190,000   $2,190,000 
Less Accumulated Amortization   (854,761)   (208,571)
Net residual portfolios  $1,335,239   $1,981,429 

 

 

   December 31 
   2019   2018 
Trade name  $2,500,000   $2,500,000 
Less Accumulated Amortization   (500,000)   (333,333)
Net trade name  $2,000,000   $2,166,667 

 

Amortization expense amounted to $812,857 and $541,904 for the years ended December 31, 2019 and 2018. The predecessor’s amortization expense for the period from January 1, 2018 to April 8, 2018 was $90,739.

 

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  $812,857 
2021  $812,857 
2022  $812,857 
2023  $479,524 
2024  $312,857 
Thereafter  $104,287 
Total  $3,335,239 

 

The weighted average remaining useful life of amortizing intangible assets was 5 years at December 31, 2019.