Note Payable |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Debt Disclosure [Abstract] | |
| Note Payable |
Note 9 – Note Payable
On May 1, 2018, 12 ReTech acquired Emotion Fashion Group, Inc. As part of the acquisition, Emotion Fashion Group was obligated under a disputed note payable to a third party in the amount of $250,000, maturing in July 2027 and bearing an interest rate of 2% per annum. The note calls for monthly payments to be made to the third party equal to ten percent (10%) of the gross sales of the Company until paid in full, including accrued interest. When the note was acquired, the Company recorded the note at its fair market value of $156,014. The note discount is being amortized to interest expense through maturity.
As of March 31, 2019 the total payments made under the note payable were $0. Amortization of debt discount amortized amounted to $2,780 for the three months ended March 31, 2019. The remaining discount will be amortized over the remaining term of the note. |