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Note Payable
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Note Payable

Note 8 – Note Payable

 

On June 22, 2018, ICTV signed a formal 12-month loan agreement with Amazon Lending. The loan was given in the amount of $145,000 and carries an annual interest rate of 9.69%. For both the three and six months ended June 30, 2018, interest expense was de minimis. The loan is paid in twelve equal payments of principal and interest of approximately $13,000. These payments will be automatically deducted from any sales that ICTV generates from Amazon.com. If the sales generated do not sufficiently cover the amount of the monthly payment due, Amazon.com is authorized to charge the Company’s credit card on file. There is no early payoff fee for this loan agreement. In the event of a default by the Company, Amazon Lending has a first lien on any and all assets that are at Amazon warehousing facilities.