| Intangible assets |
| |
|
Balance at |
|
|
|
|
|
|
|
|
Balance at |
|
| |
|
December 31, 2013 |
|
|
Additions |
|
|
Amortization |
|
|
September 30, 2014 |
|
| Patents and trademarks |
|
$ |
118,098 |
|
|
$ |
- |
|
|
$ |
(6,859 |
) |
|
$ |
111,239 |
|
| Customer contracts |
|
|
541,528 |
|
|
|
- |
|
|
|
(75,097 |
) |
|
|
466,431 |
|
| Customer and merchant relationships |
|
|
- |
|
|
|
2,010,000 |
|
|
|
(111,306 |
) |
|
|
1,898,694 |
|
| Trade name |
|
|
22,391 |
|
|
|
176,000 |
|
|
|
(17,012 |
) |
|
|
181,379 |
|
| Acquired technology |
|
|
182,298 |
|
|
|
260,000 |
|
|
|
(62,386 |
) |
|
|
379,912 |
|
| Non-compete agreement |
|
|
71,001 |
|
|
|
- |
|
|
|
(22,036 |
) |
|
|
48,965 |
|
| |
|
$ |
935,316 |
|
|
$ |
2,446,000 |
|
|
$ |
(294,696 |
) |
|
$ |
3,086,620 |
|
During the nine months ended September
30, 2014, the following intangible assets were purchased with the following useful lives:
SmartReceipt, Inc.:
| |
|
Fair value |
|
Useful Life |
| Merchant relationships |
|
$ |
2,010,000 |
|
10 years |
| Trade name |
|
$ |
176,000 |
|
10 years |
| Developed technology |
|
$ |
260,000 |
|
10 years |
|
| Future amortization intangible assets |
| Year ending December 31, |
|
Amount |
|
| 2014 |
|
$ |
114,232 |
|
| 2015 |
|
|
462,987 |
|
| 2016 |
|
|
385,026 |
|
| 2017 |
|
|
339,669 |
|
| 2018 |
|
|
333,820 |
|
| Thereafter |
|
|
1,450,886 |
|
| Total |
|
$ |
3,086,620 |
|
|