|9 Months Ended|
Sep. 30, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
Note 4 – Intangibles
Intangibles consisted of the following:
Schedule of Intangible Assets
ECS has been a financial technology tech and wireless top-up platform for over 15 years. On October 1, 2019, we acquired ECS primarily for the favorable ACH banking relationships and a fintech transactions platform (proprietary software) processing over 20,000 transactions a day at approximately 8,000 independently owned retail stores. The goal was to incorporate our blockchain components into the existing ECS network (proprietary software). After a year of development and integration, we believe the ECS platform has been successfully merged into our platform with secure ledger data backups and will continue to serve as the proven backbone for wireless top-up transactions and wireless product aggregation. The majority of the purchase price was allocated to the “Proprietary Software” category being amortized straight-line over seven years.
Amortization expense for the three months ended September 30, 2021 and 2020, was $163,377 and $277,094, respectively.
Amortization expense for the nine months ended September 30, 2021 and 2020, was $528,881 and $831,281, respectively.
SURGEPAYS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2021
Estimated amortization expense for each of the five (5) succeeding years and thereafter is as follows:
Scheduled of Estimated Amortization Expenses
For the Year Ended December 31, 2021:
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef