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ADVANCES ON FUTURE RECEIPTS
9 Months Ended
Sep. 30, 2020
Advances On Future Receipts  
ADVANCES ON FUTURE RECEIPTS

16. ADVANCES ON FUTURE RECEIPTS

 

The Company has received funding as a result of entering into multiple Agreements for the Purchase and Sale of Future Receipts (the “Agreements on Future Receipts”). The Agreements on Future Receipts have been personally guaranteed by the Company’s Chief Executive Officer and in one instance has also been guaranteed by Philou. During the nine months ended September 30, 2020, the Company made payments of $762,076 on the outstanding balance. The Company is in default on its payment obligations on these Agreements on Future Receipts.