Annual report pursuant to Section 13 and 15(d)

Debt, Commitments and Contingencies (Tables)

v3.20.1
Debt, Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following:

 

    Maturity     Interest     December 31,     December 31,  
    Date     Rate     2019     2018  
Convertible Note     9/1/2021       5 %   $ 999,106     $ 999,106  
Less: debt discount                     -       -  
Total Convertible notes, net of discount                   $ 999,106     $ 999,106  
                                 
Total                   $ 999,106     $ 999,106  
Less: current portion                     -       (999,106 )
Long term                   $ 999,106     $ -  

Schedule of Components of Lease Cost

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

 

    For the Year Ended
December 31, 2019
 
Operating leases        
Operating lease cost   $ 106,847  
Operating lease expense     106,847  
Short-term lease rent expense     22,594  
Total rent expense   $ 129,441  

Schedule of Weighted Average Lease

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

 

    For the Year Ended
December 31, 2019
 
Operating cash flows from operating leases   $ 97,079  
Weighted-average remaining lease term – operating leases     1.8  
Weighted-average discount rate – operating leases     6.5 %

Schedule of Minimum Lease Payments

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

 

2020   $ 98,701  
2021     98,701  
2022     26,918  
Total     224,320  
Less present value discount     (15,882 )
Lease current portion of operating lease liabilities     (87,959 )
Non-current operating lease liabilities   $ 120,479