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ADVANCES ON FUTURE RECEIPTS
3 Months Ended
Mar. 31, 2019
Advances On Future Receipts  
ADVANCES ON FUTURE RECEIPTS

14. ADVANCES ON FUTURE RECEIPTS

 

During the three months ended March 31, 2019, the Company received funding as a result of entering into three Agreements for the Purchase and Sale of Future Receipts (collectively, the “Agreements on Future Receipts”). The Company sold in the aggregate $568,123 in future receipts of the Company for $395,095. During 2019, the Company had repaid $388,587. The Company recorded a discount in the amount of $173,028 in connection with these three agreements, based upon the difference between the amount of future receipts sold and the actual proceeds received by the Company. During the three months ended March 31, 2019 and 2018, non-cash interest expense of $95,371 and $996,297, respectively, was recorded from the amortization of debt discounts.