LEASE OBLIGATION PAYABLE

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASE OBLIGATION PAYABLE

NOTE 11 – LEASE OBLIGATION PAYABLE

The Company entered into a lease in March 2017 for the rental of its printer for its secured plastic and credential card products business under an arrangement that is classified as a finance lease. The leased equipment is amortized on a straight-line basis over its lease term including the last payment (61 payments) which would transfer ownership to the Company. Total amortization related to the lease equipment as of September 30, 2019 is $83,043. The following is a schedule showing the future minimum lease payments under finance lease by year and the present value of the minimum lease payments as of September 30, 2019. The interest rate related to the lease obligation is 12% and the maturity date is June 30, 2022.

Year Ending
Remainder of 2019	$	10,774
2020		43,096
2021		43,096
2022		10,774
Total minimum lease payments		107,740
Less: Amount representing interest		(15,056	)
Present value of minimum lease payments	$	92,684