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Note 5 - Intangibles
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
Note
5.
Intangibles
 
Akimbo Financial, Inc. Acquisition (
2015
)
 
On
December 22, 2014,
we acquired substantially all of the assets of Akimbo Financial, Inc. The intangibles acquired in the acquisition consist of the customer list and contracts at cost of
$396,824
(net of accumulated amortization of
$396,824
at
December 31, 2020) 
and goodwill of
$9,759.
The intangible asset was fully amortized as of
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
)
 
On
September 1, 2017,
we acquired all of the membership interest of Singular Payments, LLC. The intangibles acquired in such acquisition consist of customer list assets of
$5,000,000
at cost (net of accumulated amortization of
$3,333,333
at
December 31, 2020).
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
60
months beginning in
September 2017
and ending in
August 2022.
Amortization expense in
2020
and
2019
was
$1,000,000
.
Annual amortization expense will be
$1,000,000
per year through the year
2021
and
$666,667
in the year
2022.
 
Information Management Solutions, LLC Acquisition (
2020
)
 
On
December 
15,
2020,
we acquired substantially all of assets of Information Management Solutions, LLC. The intangibles acquired in such acquisition consist of customer list assets of
$4,359,335
 at cost. 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
60
months beginning in
January 2021 
and ending in
December 2025.
Annual amortization expense will be
$871,867
 per year through the year
2025.