INTERNAL-USE SOFTWARE |
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| INTERNAL-USE SOFTWARE | NOTE 5 – INTERNAL-USE SOFTWARE
The Company recorded capitalized costs of $4,070,000 relating to the acquisition of MEI’s Millenium Payment Hub platform (“MPH”) as of June 30, 2026. The Company also recorded capitalized costs of $551,683 relating to the Parent internal-use software. The parent internal-use software was developed by a third party and passed the preliminary project stage prior to capitalization. For the three months ended June 30, 2026, the Company did not incur any internal-use software development costs on the parent company software. Amortization of the internal-use software of the Parent will begin once the software is placed in service, which management has determined will start once service revenues begin.
The carrying value of the MPH software and related accumulated amortization is summarized in the table below:
Amortization expense for the period from April 1, 2026 to June 30, 2026 totaled $101,750, and is included in general and administrative expense.
Total estimated future amortization expense for the intangible asset is as follows:
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