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

Advance on Future Receipts and Notes Payable (Tables)

v3.20.1
Advance on Future Receipts and Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Advances on Future Receipts

The Company has the following advances on future receipts as of December 31, 2019:

 

Note   Issuance Date   Maturity Date   Interest
Rate		     Original
Borrowing		     Balance at
December 31,
2019		     Balance at
December 31,
2018		  
                                 
Note 1   December 24, 2019   June 30, 2020     10 %   $ 506,000     $ 503,000     $                   -  
Note 2   December 24, 2019   June 30, 2020     10 %     506,000       503,000       -  
Total                   $ 1,012,000       1,006,000          
Debt discount                             (274,000 )     -  
Net                           $ 732,000     $ -