LEASE OBLIGATION PAYABLE

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASE OBLIGATION PAYABLE

NOTE 12 – 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 capital 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 December 31, 2019 is $91,079. The following is a schedule showing the future minimum lease payments under capital lease by year and the present value of the minimum lease payments as of December 31, 2019. The interest rate related to the lease obligation is 12% and the maturity date is March 31, 2022. Future cash payment related to this capital lease are as follow for the calendar years ending from 2020-2022.

2020	$	43,096
2021		43,096
2022		10,774
Total minimum lease payments		96,966
Less: Amount representing interest		(12,356	)
Present value of minimum lease payments	$	84,610