Quarterly report pursuant to Section 13 or 15(d)

Debt, Commitments and Contingencies (Tables)

v3.19.1
Debt, Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following:

 

    Maturity     Interest     March 31,     December 31,  
    Date     Rate     2019     2018  
Convertible Note     12/31/2019       5 %   $ 999,106     $ 999,106  
Less: debt discount     and 12/31/2019               -       -  
Total Convertible notes, net of discount                   $ 999,106     $ 999,106  
                                 
Total                   $ 999,106     $ 999,106  
Less: current portion                     (999,106 )     (999,106 )
Total, net of current portion                   $ -     $ -  

Schedule of Components of Lease Cost

The Company’s total lease expense is comprised of the following:

 

   

For the Three

Months Ended
March 31, 2019

 
Operating leases        
Operating lease cost   $ 26,246  
Operating lease expense     26,246  
Short-term lease rent expense     4,107  
Total rent expense   $ 30,353  

Schedule of Weighted Average Lease

Additional information regarding the Company’s leasing activities as a lessee is as follow:

 

   

For the Three

Months Ended
March 31, 2019

 
Operating cash flows from operating leases   $ 25,892  
Weighted-average remaining lease term – operating leases     2.0  
Weighted-average discount rate – operating leases     6.5 %

Schedule of Future Minimum Lease Payments

As of March 31, 2019, contractual minimal lease payments are as follows:

 

2019   $ 69,372  
2020     95,386  
2021     95,386  
2022     26,014  
Total     286,158  
Less present value discount     (107,584 )
Operating lease liabilities   $ 178,574