Annual report pursuant to Section 13 and 15(d)

Accrued Separation Costs

v3.19.1
Accrued Separation Costs
12 Months Ended
Dec. 31, 2018
Payables and Accruals [Abstract]  
Accrued Separation Costs

NOTE 6 –ACCRUED SEPARATION COSTS

 

On August 9, 2016, the Company entered into a separation agreement with an employee to pay $118,635 of accrued compensation over nine-years. This amount is included in accrued payroll and payroll related expenses in the accompanying consolidated balance sheets. This amount does not yield interest and matures as follows for the years ended December 31:

 

2019   $ 9,000  
2020     9,000  
2021     12,000  
2022     12,000  
2023     18,000  
Thereafter     41,635  
      101,635  
Less current portion     (9,000 )
    $ 92,635