Quarterly report pursuant to Section 13 or 15(d)

Debt, Commitments and Contingencies (Tables)

v3.20.1
Debt, Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following:

 

    Maturity     Interest     March 31,     December 31,  
    Date     Rate     2020     2019  
                         
 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                     -       -  
 Long term portion                   $ 999,106     $ 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 Three Months Ended  
    March 31, 2020     March 31, 2019  
Operating leases                
 Operating lease cost   $ 26,789     $ 26,246  
Operating lease expense     26,789       26,246  
Short-term lease rent expense     5,992       4,107  
Total rent expense   $ 32,781     $ 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, 2020     March 31, 2019  
Operating cash flows from operating leases   $ 26,823     $ 25,892  
Weighted-average remaining lease term – operating leases     1.5       2.0  
Weighted-average discount rate – operating leases     6.5 %     6.5 %

Schedule of Minimum Lease Payments

As of March 31, 2020, contractual minimal lease payments are as follows:

 

2020   $ 71,508  
2021     98,323  
2022     26,815  
Total     196,646  
Less present value discount     (12,574 )
Less current portion of operating lease liabilities     (89,054 )
Non-current operating lease liabilities   $ 95,018