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Intangibles
12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles
Intangibles

Akimbo Acquisition (2015)

Akimbo intangibles consist of the customer list and contracts at cost of $396,824 (net of accumulated amortization of $396,824) and goodwill of $9,759 acquired in the purchase of the assets of Akimbo Financial, Inc. in 2015. The intangible asset is fully amortized at December 31, 2017. The fair value of the customer list and contracts was calculated using the net present value of the projected gross profit to be generated by the customer list over a period of 36 months beginning in January 2015 and was amortized over 3 years at $163,139 annually.
 
Goodwill was determined based on the purchase price paid over the assets acquired and has an indefinite life, which is tested for impairment annually.

Singular Payments, LLC Acquisition (2017)

Singular Payments, LLC intangibles consist of customer list assets of $5,000,000 at cost (net of accumulated amortization of $333,333) acquired in the purchase of the membership interest of Singular Payments, LLC in 2017. The fair value of the customer list was calculated using the net present value of the projected gross profit to be generated by the customer list over the next 60 months beginning in September 2017 and ending in August 2022. Amortization expense in 2017 was $333,333. Annual amortization expense will be $1,000,000.