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Liability for Sale of Future Revenues
6 Months Ended
Jun. 30, 2020
Liability for Future Policy Benefit, after Reinsurance [Abstract]  
LIABILITY FOR SALE OF FUTURE REVENUES

NOTE 5 — LIABILITY FOR SALE OF FUTURE REVENUES

 

At June 30, 2020 we are party to two agreements related to the sale of future revenues. Both agreements are with the same party, have substantially the same terms, and were entered into in December 2019. Discounts related to the agreements will be amortized to expense over the term of the agreements. During the three and six months ended June 30, 2020, we amortized $33,833 and $65,809 of discount, respectively, to interest expense. Unamortized discount is $69,832 at June 30, 2020.

 

The Company has granted a continuing security interest in the following, to the extent and in the amount of the purchased receivables: all assets including the following property that the Company now owns or shall acquire or create immediately upon the acquisition or creation thereof: (i) any and all amounts owing to the Company now or in the future from any customers; and (ii) all other tangible and intangible personal property of every kind and nature.