Quarterly report pursuant to Section 13 or 15(d)

Advance on Future Receipts (Tables)

v3.21.1
Advance on Future Receipts (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Advances on Future Receipts

The Company has the following advances on future receipts as of March 31, 2021:

 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at March 31, 2021     Balance at December 31, 2020  
                                 
Note 1   June 30, 2020   February 25, 2021     108 %     506,000       -       89,000  
Note 2   June 30, 2020   February 25, 2021     108 %     506,000       -       88,000  
Note 3   January 13, 2021   September 10, 2021     108 %     844,000       556,000       -  
Note 4   January 13, 2021   September 10, 2021     108 %     844,000       556,000       -  
 Note 5   January 22, 2021   July 1, 2021     108 %     2,040,000       1,454,000       -  
Note 6   February 18, 2021 – March 3, 2021   August 3, 2021 – August 15, 2021     12 %     1,696,000       1,329,000       -  
Total                   $ 1,012,000       3,895,000       177,000  
Debt discount                             (725,000 )     (67,000 )
Net                           $ 3,170,000     $ 110,000