Quarterly report pursuant to Section 13 or 15(d)

Debt, Commitments and Contingencies (Tables)

v3.20.2
Debt, Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Debt

Debt consists of the following :

 

    Maturity     Interest     September 30,     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  
    September 30, 2020     September 30, 2019  
Operating leases                
Operating lease cost   $ 26,803     $ 26,693  
Operating lease expense     26,803       26,693  
Short-term lease rent expense     6,231       6,465  
Total rent expense   $ 33,034     $ 33,158  

  

    For the Nine Months Ended  
    September 30, 2020     September 30, 2019  
Operating leases                
Operating lease cost   $ 79,925     $ 80,004  
Operating lease expense     79,925       80,004  
Short-term lease rent expense     18,295       16,413  
Total rent expense   $ 98,220     $ 96,417  
Schedule of Weighted Average Lease

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

 

    For the Nine Months Ended  
    September 30, 2020     September 30, 2019  
Operating cash flows from operating leases   $ 78,796     $ 79,184  
Weighted-average remaining lease term – operating leases     1.6       1.7  
Weighted-average discount rate – operating leases     6.5 %     6.5 %
Schedule of Minimum Lease Payments

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

 

2020   $ 18,112  
2021     99,615  
2022     27,168  
Total     144,895  
Less present value discount     (7,337 )
Less current portion of operating lease liabilities     (93,197 )
Non-current operating lease liabilities   $ 44,361