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CAPITAL LEASES | 12 Months Ended
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Dec. 31, 2018
Leases, Capital [Abstract] |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | NOTE 7 — CAPITAL LEASES
|  | 2018 |  |  | 2017 |
Capital equipment lease dated April 5, 2018 |  | $ | 13,056 |  |  | $ | - |
Capital equipment lease dated May 8, 2018 |  |  | 14,525 |  |  |  | - |
Capital equipment lease dated June 27, 2018 |  |  | 21,701 |  |  |  | - |
Capital equipment lease dated September 18, 2018 |  |  | 15,368 |  |  |  | - |
Capital equipment lease dated September 28, 2018 |  |  | 16,672 |  |  |  |  |
Total capital leases payable |  |  | 81,322 |  |  |  | - |
Less current portion |  |  | (30,172 | ) |  |  | - |
Long term portion |  | $ | 51,150 |  |  | $ | - |
During the year ended December 31, 2018, the Company entered into five capital leases for computer equipment for a three-year term. The Company recognized these arrangements as capital leases based on the determination the leases exceeded 75% of the economic life of the underlying assets. The Company initially recorded the equipment and the capitalized lease liability at the estimated present value of the minimum lease payments of $95,506. The leases include base monthly payments in aggregate of $2,894, due on the contract monthly anniversary of each calendar month. At the expiration of the lease, the Company is required to return all leased equipment to the lessor with right of repurchase at fair value. The Company has made payments in the amount of $14,184 during the year ended December 31, 2018. The effective interest rate of the capitalized lease is estimated at 6.00% based on the implicit rate in the lease agreements . The following summarizes the assets under capital leases:
|  | 2018 |  |  | 2017 |
Classes of property |  |  |  |  |  |  |  |
Computer equipment |  | $ | 95,506 |  |  | $ | - |
Less: accumulated depreciation |  |  | (16,117 | ) |  |  | - |
|  | $ | 79,389 |  |  | $ | - |
The following summarizes total future minimum lease payments at December 31, 2018:
Period ending December 31, |  |  |  |
2019 |  | $ | 34,729 |
2020 |  |  | 34,729 |
2021 |  |  | 18,985 |
Total minimum lease payments |  |  | 88,443 |
Amount representing interest |  |  | 7,121 |
Present value of minimum lease payments |  |  | 81,322 |
Current portion of capital lease obligations |  |  | 30,172 |
Capital lease obligation, less current portion |  | $ | 51,150 |

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2209026 + Details
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- References No definition available. + Details
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