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Note Receivable
9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
NOTE RECEIVABLE

NOTE 5 – NOTE RECEIVABLE

 

On September 28, 2018, the Company and the Seller executed a two year promissory note receivable agreement with a principal balance of $200,000 of which $100,000 was funded to the Seller in September 2018. The terms of the promissory note include an interest rate of six percent (6%) and the Company shall be repaid in interest only payments on a quarterly basis, until the maturity date of September 27, 2020, at which time the full principal and any interest payments will be due to the Company. At the time the promissory note receivable agreement was executed, the Company also executed a Security Interest and Pledge Agreement with the borrower. Pursuant to the Security Interest and Pledge Agreement, the borrower has pledged all of the assets of its company as security for the performance of the note obligations. As of September 30, 2018, the Company has recorded a note receivable of $100,000 related to the promissory note receivable agreement. Subsequent to September 30, 2018, the Company funded the remaining $100,000 (see Note 11).