COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

16 COMMITMENTS AND CONTINGENCIES

The Company operates from an office facility in Mexico. The office is leased under a three (3) year non-cancellable operating lease, which ends on December 16, 2019. The lease calls for monthly rental payment, including maintenance, of $3,232, as adjusted for exchange rate changes. The Company also leases space on a month-to-month basis for its data servers at a monthly rate of $1,908. In addition, Qpagos leases warehouse space on a month-to-month basis for $1,227 per month. 

The future minimum lease installments under the office facility lease agreement as of September 30, 2017 are $9,695 for the remainder of 2017 and $38,780 for each year 2018 and 2019, subject to exchange rate fluctuations. 

The Company entered into an additional ten-year software licensing agreement with the Licensor on May 1, 2015, whereby we are committed to pay an annual license fee in quarterly installments of $5,000 ($20,000 per annum) to the Licensor for an exclusive license for the Mexican market of certain revenue payment services. 

The Company's primary financial commitments as of the date hereof are payments owed under the License Agreement. The minimum commitments due under the license agreement is summarized as follows: 

	Amount
2017		20,100
2018		20,100
2019		20,100
2020		20,100
2021 and thereafter		97,167
	$	177,567