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Note Receivable
 3 Months Ended
Mar. 31, 2020
Financing Receivable, after Allowance for Credit Loss [Abstract]  
Note Receivable

ECHG, LLC, wholly owned by the Company, entered into an agreement with CExchange, LLC on February 15, 2020, to lend $1,500,000 bearing interest at eight and one-half percent (8.5%) with interest only payments due quarterly. The loan matures on February 20, 2023. The parties also agreed to warrant and call-option agreements to acquire all of CExchange’s equity interests. CExchange is the leader in retail trade-in services, providing in-store and online solutions for most of the major consumer electronics retailers in the United States. CExchange helps retailers provide in-store trade-in programs designed to allow customers to exchange their old technology for cash in minutes. This fits well with ECHG’s core business of refurbishing and reusing cell telephones. There is no assurance that the Company will exercise its warrant or call option.

 

A summary of note receivables is as follows:

 

   March 31,  March 31,
   2020  2019
       
Opening balance  $—     $—   
Additions   1,500,000    —   
Reductions   —      —   
           
   $1,500,000   $—