Annual report pursuant to Section 13 and 15(d)

Debt, Commitments and Contingencies (Tables)

v3.20.4
Debt, Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following:

 

    Maturity     Interest     December 31,     December 31,  
    Date     Rate     2020     2019  
                         
Convertible Note     9/1/2021       5 %   $          -     $ 999,106  
Less: debt discount                     -       -  
Total convertible notes, net of discount                   $ -     $ 999,106  
                                 
Total                   $ -     $ 999,106  
Less: current portion                     -       -  
Long term portion                   $ -     $ 999,106  

Schedule of Components of Lease Cost

Operation lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expense is comprised of the following:

 

    For the Year Ended  
    December 31, 2020  
Operating leases        
Operating lease cost   $ 106,727  
Operating lease expense     106,727  
Short-term lease rent expense     26,363  
Total rent expense   $ 133,090  

Schedule of Leasing Activities

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

 

    For the Year Ended  
    December 31, 2020  
Operating cash flows from operating leases   $ 96,908  
Weighted-average remaining lease term – operating leases     0.3  
Weighted-average discount rate – operating leases     6.5 %
         
2021     126,783  
Total     126,783  
Less present value discount     (5,187 )
Less current portion of operating lease liabilities     (121,596 )
Non-current operating lease liabilities   $ -