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Note Receivable
3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Note Receivable

4. NOTE RECEIVABLE

 

On August 31, 2015, the Company sold the wireless enterprise assets to the Jamestown S’Klallam Tribe (the “Buyer”) for total consideration of $350,000 which consists of an upfront cash payment of $30,000, the issuance of a promissory note totaling $200,000 and contingent consideration up to a maximum of $120,000 based on future earnings. Under the terms of the promissory note, monthly payments of $3,683 including principal and interest at 4%, are to be made over a 60-month term expiring in August 2020. At March 31, 2019, the total note receivable was $60,765, of which $42,543 and $18,222 is included in Other Current Assets and Note Receivable, net of current portion, respectively, on the Balance Sheets. At December 31, 2018, the total note receivable was $71,137, of which $42,120 and $29,017 is included in Other Current Assets and Notes Receivable, net of current portion, respectively on the Balance Sheets.