Quarterly report pursuant to Section 13 or 15(d)

Debt, Commitments and Contingencies (Tables)

v3.20.2
Debt, Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 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  
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 Three Months Ended  
    June 30, 2020     June 30, 2019  
Operating leases                
Operating lease cost   $ 26,333     $ 27,065  
Operating lease expense     26,333       27,065  
Short-term lease rent expense     6,072       5,841  
Total rent expense   $ 32,405     $ 32,906  

 

    For the Six Months Ended  
    June 30, 2020     June 30, 2019  
Operating leases                
Operating lease cost   $ 53,122     $ 53,311  
Operating lease expense     53,122       53,311  
Short-term lease rent expense     12,064       9,948  
Total rent expense   $ 65,186     $ 63,259  
Schedule of Weighted Average Lease

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

 

    For the Six Months Ended  
    June 30, 2020     June 30, 2019  
Operating cash flows from operating leases   $ 52,246     $ 52,314  
Weighted-average remaining lease term – operating leases     1.4       1.8  
Weighted-average discount rate – operating leases     6.5 %     6.5 %
Schedule of Minimum Lease Payments

As of June 30, 2020, contractual minimal lease payments are as follows:

 

2020   $ 43,181  
2021     94,997  
2022     25,908  
Total     164,086  
Less present value discount     (9,384 )
Less current portion of operating lease liabilities     (87,447 )
Non-current operating lease liabilities   $ 67,255