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Notes Payable
3 Months Ended
Mar. 31, 2018
Notes Payable/Convertible Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 8 – NOTES PAYABLE

 

On December 20, 2017, the Company entered into a Merchant Cash Advance Factoring Agreement (“MCA”) with Power Up Lending Group, Ltd. (the “PULG”) pursuant to which the Company received an advance of $75,000 before closing fees (the “December MCA”). The Company is required to repay the advance, which acts like an ordinary note payable, at the rate of $4,048 per week until the balance of $102,000 has been repaid in June 2018. At inception, the Company recognized a note payable in the amount of $102,000 and a discount against the note payable of $28,500. The discount is being amortized over the life of the instrument. During the three months ended March 31, 2018, the Company made payments of $52,619 and recognized amortization of the discount in the amount of $14,574. As of March 31, 2018, the net carrying value of the instrument was $32,140.