General form of registration statement for all companies including face-amount certificate companies

Advance of Future Receipts (Tables)

v3.20.1
Advance of Future Receipts (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Advances on Future Receipts

The Company has the following advances on future receipts as of March 31, 2020:

 

Note   Issuance Date   Maturity Date   Interest
Rate		   Original Borrowing   Balance at
March 31, 2020		   Balance at
December 31, 2019
                         
Note 1   December 24, 2019   June 30, 2020     10 %   $ 506,000     $ 297,000     $ 503,000  
Note 2   December 24, 2019   June 30, 2020     10 %     506,000       297,000       503,000  
Total                   $ 1,012,000       594,000       1,006,000  
Debt discount                             (137,000 )     (274,000 )
Net                           $ 457,000     $ 732,000