LEASE OBLIGATION PAYABLE

9 Months Ended

Sep. 30, 2020

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, 2020 is $115,188. 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, 2020. The interest rate related to the lease obligation is 12% and the maturity date is March 2022.

Year ending December 31
Remainder of 2020	$	10,774
2021		43,096
2022		10,774
Total minimum lease payments		64,644
Less: Amount representing interest		(5,752	)
Present value of minimum lease payments	$	58,892