| Goodwill |
The following table presents goodwill and impairment for the years
ended December 31, 2019 and 2018:
| |
|
Goodwill |
| December 31, 2017 |
|
$ |
803,118 |
| Acquired |
|
|
2,022,489 |
| Impairment |
|
|
(2,288,057) |
| December 31, 2018 |
|
|
537,550 |
| Acquired |
|
|
(41,198) |
| Impairment |
|
|
- |
| December 31, 2019 |
|
$ |
496,352 |
|
| Intangible Assets |
The following table presents components of identifiable intangible
assets for the years ended December 31, 2019 and 2018:
| |
|
December
31, 2019 |
|
December
31, 2018 |
| |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Amount |
Weighted
Average
Useful
Life
(Years) |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net Carrying
Amount |
|
Weighted
Average
Useful
Life
(Years) |
| Patents and trademarks |
|
$ |
183,583 |
|
$ |
(113,730) |
|
$ |
69,853 |
14 |
|
$ |
177,944 |
|
$ |
(72,957) |
|
$ |
104,987 |
|
15 |
Customer and merchant
relationships |
|
|
2,321,112 |
|
|
(1,581,876) |
|
|
739,236 |
10 |
|
|
2,343,112 |
|
|
(1,507,024) |
|
|
836,088 |
|
10 |
| Trade name |
|
|
197,924 |
|
|
(147,192) |
|
|
50,732 |
10 |
|
|
197,868 |
|
|
(137,872) |
|
|
59,996 |
|
10 |
| Acquired technology |
|
|
684,540 |
|
|
(539,748) |
|
|
144,792 |
10 |
|
|
684,540 |
|
|
(523,448) |
|
|
161,092 |
|
10 |
| Non-compete agreement |
|
|
79,299 |
|
|
(18,368) |
|
|
60,931 |
2 |
|
|
79,299 |
|
|
(2,508) |
|
|
76,791 |
|
2 |
| |
|
$ |
3,466,458 |
|
$ |
(2,400,914) |
|
$ |
1,065,544 |
|
|
$ |
3,482,763 |
|
$ |
(2,243,809) |
|
$ |
1,238,954 |
|
|
|
| Future Amortization Intangible Assets |
Expected future intangible asset amortization as of December 31,
2019 is as follows:
| Year ending December 31, |
|
Amount |
| 2020 |
|
$ |
150,737 |
| 2021 |
|
|
148,045 |
| 2022 |
|
|
147,868 |
| 2023 |
|
|
145,359 |
| 2024 |
|
|
108,764 |
| Thereafter |
|
|
364,771 |
| Total |
|
$ |
1,065,544 |
|