COMMITMENTS AND CONTINGENCIES
|12 Months Ended|
Dec. 31, 2018
|Commitments and Contingencies Disclosure [Abstract]|
|COMMITMENTS AND CONTINGENCIES||
The Company operates from an office facility in Mexico. The office is leased under a three (3) year non-cancellable operating lease, which ends on December 16, 2019. The lease calls for rental payment, including maintenance, of $3,377 per month, as adjusted for exchange rate changes. The Company also leases space on a month-to-month basis for its data servers at a monthly rate of $1,766. In addition, Qpagos leases warehouse space on a month-to-month basis for $1,136 per month.
The future minimum lease installments under the office facility lease agreement as of December 31, 2018 are $40,524 for 2019, subject to exchange rate changes.
The Company has various short-term convertible notes with maturities ranging from April 30, 2019 to December 26, 2019, with a principal balance outstanding of $2,271,700 and interest as of December 31, 2018 amounting to $147,664. Should these notes not convert prior to maturity date, the Company will need to source funds to repay the principal and interest outstanding at maturity date.
The Company also has various short-term loans payable with maturities ranging from on-demand to February 10, 2020, with a principal balance outstanding of $322,787 and interest thereon as of December 31, 2018 of $47,206. The Company will need to raise funds to repay these notes prior to maturity.
Future commitments are summarized as follows:
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef