Quarterly report pursuant to Section 13 or 15(d)

Debt, Commitments and Contingencies (Tables)

v3.19.3
Debt, Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following:

 

    Maturity     Interest     September 30,     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
September 30, 2019
    For the Nine
Months Ended
September 30, 2019
 
Operating leases                
Operating lease cost   $ 26,693     $ 80,004  
Operating lease expense     26,693       80,004  
Short-term lease rent expense     6,465       16,413  
Total rent expense   $ 33,158     $ 96,417  

Schedule of Weighted Average Lease

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

 

    For the Three
Months Ended
September 30, 2019
    For the Nine
Months Ended
September 30, 2019
 
Operating cash flows from operating leases   $ 26,870     $ 79,184  
Weighted-average remaining lease term – operating leases     1.7       1.7  
Weighted-average discount rate – operating leases     6.5 %     6.5 %

Schedule of Minimum Lease Payments

As of September 30, 2019, contractual minimal lease payments are as follows:

 

2019   $ 17,768  
2020     97,724  
2021     97,724  
2022     26,652  
Total     239,868  
Less present value discount     (19,232 )
Operating lease liabilities   $ 220,636